News

Burger King's largest franchisee adds 30 more restaurants

September 19, 2014

Carrols Restaurant Group announced Thursday that it is expanding its Burger King portfolio with the acquisition of 30 restaurants in North Carolina.

Burger King's largest franchisee exercised its right of first refusal to purchase the 30 units in eastern North Carolina under the same terms and conditions of an existing purchase and sale agreement between the sellers and an unrelated third party. According to a news release, the total purchase price is approximately $20 million.

The company anticipates that subsequent to closing it will market and enter into sale/leaseback transactions for 10 of the fee-owned properties for total estimated proceeds of $13 million to $14 million.

The 30 restaurants expand Carrols' North Carolina presence from its current 134 Burger King restaurants.

"Since raising equity capital earlier this year in a public offering, we have made a series of strategic acquisitions, and to date, completed the purchase of 29 restaurants. The expected closing of this transaction, along with the anticipated completion of our previously announced purchase of 64 restaurants from Heartland Food LLC, will bring our 2014 acquisition activity to over 120 restaurants and our restaurant count to more than 670 by year-end," CEO Daniel T. Accordino said in the release.

The transaction is expected to be completed in early October.