QSR September 2022

ACQU I S I T IONS

FOR RBI’S JOSÉ CIL (LEFT) AND FIREHOUSE SUBS’ DON FOX, A SHARED HISTORY AT BURGER KING GOES A LONG WAY. 

JOSÉ CIL’S GREAT AUNTWAS A SEAMSTRESS. One of her well-worn lines was, “measure twice so you only have to cut once.” The CEO of Restaurant Brands International shared this anecdote recently with franchisees. Calls had started to pour in to Cil and the company’s president of international, David Shear. Operators wanted a piece of Firehouse Subs. In mid-November, the Burger King, TimHortons, and Popeyes owner announced it agreed to acquire the 1,200-unit sandwich chain for $1 billion in an all-cash deal. On its surface, the move, which closed December, added a jigsaw piece so often coveted by restaurant conglomerates. It gave RBI an emerging, growth-ready player in America’s $30 billion quick-service sandwich category to join chicken, burger, and beverage strongholds. For its part, Firehouse approached the M&A table having tripled its unit count since 2010. Founded by brothers and former firefighters Chris and Robin Sorensen, it was a privately held company since unit one in Jacksonville, Florida, to the moment it joined RBI.

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