M&A
confidence high
sentiment positive
materiality 0.85
RBI acquires Firehouse Subs for $1.0B all-cash; deal expected to close in coming months
Restaurant Brands International Inc.
- Deal valued at $1.0B; RBI plans to fund via cash on hand and debt.
- Firehouse Subs 2021E system-wide sales ~$1.1B; Adjusted EBITDA ~$50M.
- ~1,200 restaurants across 46 U.S. states, Canada, Puerto Rico; 97% franchised.
- U.S. comparable sales +20% YTD Oct 2021 vs 2019; 3.5-year avg payback period.
- Management to remain; deal immediately accretive to RBI diluted EPS.