News

Carrols Restaurant Group acquires 64 Burger King restaurants in Tennessee, Indiana and Illinois

Carrols Restaurant Group, Inc. agrees to purchase 64 Burger King restaurants from certain subsidiaries of Heartland Food LLC.

August 25, 2014

Carrols Restaurant Group, Inc. has announced that on Aug. 22 it signed agreements to purchase 64 Burger King restaurants from certain subsidiaries of Heartland Food LLC for a total cash purchase price of approximately $18 million excluding inventory. The restaurants to be acquired are located in or around the following markets: Nashville, Tenn. (27 restaurants), Springfield, Ill. (11 restaurants), Terre Haute, Ind. (15 restaurants), Evansville, Ind. (7 restaurants), and other nearby markets (4 restaurants.)

"The consummation of this transaction will expand our footprint to a number of markets contiguous to our existing operations and is consistent with our stated strategy to enhance shareholder value through our expanding ownership within the Burger King system," said CEO Daniel T. Accordino in a company press release. "Since our stock offering earlier this year, we have completed the acquisition of 29 Burger King restaurants, and the expected closing of this transaction will bring our total 2014 acquisitions to almost 100 restaurants. We also continue to evaluate additional opportunities."

In conjunction with the transaction, Burger King Corporation has also agreed to make a cash payment to Heartland at closing based on Carrols' commitment to remodel 46 of the restaurants. Closing is expected to occur in late September or early October.