Carrols Restaurant (TAST) Completes Massive Burger King Location Acquisition
Tweet
Share
E-mailGet Alerts TAST Hot Sheet
Join SI Premium – FREE
Carrols Restaurant Group, Inc. (Nasdaq: TAST) announced that it has completed the acquisition of 278 BURGER KING restaurants from Burger King Corporation.
The acquired restaurants are located in the Ohio, Indiana, Kentucky, Pennsylvania, North Carolina, South Carolina and Virginia markets. Carrols, which operates 574 BURGER KING restaurants following the acquisition, is the brand’s largest franchisee, globally.
Total consideration to BKC included a 28.9% equity interest in Carrols (subject to certain limitations as previously disclosed) and total cash payments of approximately $16.2 million. The cash consideration was for refranchising fees of $9.4 million, inventory and cash of approximately $2.9 million and payments to be made over five years in conjunction with BKC's assignment to Carrols of its right of first refusal on franchisee sales of BURGER KING® restaurants in 20 states. With the completion of the transaction, BKC’s President, North America Steve Wiborg and Chief Financial Officer Daniel Schwartz have also joined Carrols’ Board of Directors.
The acquired restaurants are located in the Ohio, Indiana, Kentucky, Pennsylvania, North Carolina, South Carolina and Virginia markets. Carrols, which operates 574 BURGER KING restaurants following the acquisition, is the brand’s largest franchisee, globally.
Total consideration to BKC included a 28.9% equity interest in Carrols (subject to certain limitations as previously disclosed) and total cash payments of approximately $16.2 million. The cash consideration was for refranchising fees of $9.4 million, inventory and cash of approximately $2.9 million and payments to be made over five years in conjunction with BKC's assignment to Carrols of its right of first refusal on franchisee sales of BURGER KING® restaurants in 20 states. With the completion of the transaction, BKC’s President, North America Steve Wiborg and Chief Financial Officer Daniel Schwartz have also joined Carrols’ Board of Directors.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Holcim to acquire Fermacell from James Hardie for EUR 840M
- James Hardie sells Fermacell unit to Holcim for €840 million
- T. Rowe Price to acquire F/m Investments in fixed income push
Create E-mail Alert Related Categories
Corporate News, Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
