Restaurant Brands International (QSR), the parent company of Burger King, Popeyes and Tim Hortons, has entered into a deal to buy Firehouse Subs for $1 billion in cash.

RBI said the addition of Firehouse Subs will complement its existing restaurant portfolio, adding 1,200 restaurant locations to its already bustling real estate footprint.

The sandwich chain is expected to complete about $1.1 billion in sales in 2021, with comparable sales up 20% since 2019.

"We see tremendous potential to accelerate U.S. and international growth at Firehouse Subs with RBI’s development expertise, global franchisee network and digital capabilities," Jose Cil, chief executive officer at RBI, said in a statement.

Firehouse Subs was founded in 1994 in Jacksonville, Florida. It is comprised of 97% franchisee locations in 46 states, Canada and Puerto Rico. It was started by brothers Chris and Robin Sorensen, both former firefighters.

RBI said the deal will be funded through a combination of debt and cash on hand.

The purchase is expected to close in the coming months. Upon close, Firehouse Subs will continue to reside in Jacksonville and continue to be managed by Chief Executive Officer Don Fox and Chief Financial Officer Vincent Burchianti.

Firehouse Subs has granted $62.5 million in essential life-saving equipment and other support to public safety organizations in donations through its Firehouse Subs Public Safety Foundation.

As of Monday at 10:45 a.m. ET, shares of RBI were trading at $57.96, up 75 cents, or 1.31%.

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