Restaurant Brands International (RBI) has reached an agreement to acquire Firehouse Subs for $1 billion.
The company adds to RBI’s existing family of quick service restaurant brands, Tim Hortons, Burger King, and Popeyes.
Founded in Jacksonville, Fla. in 1994 by brothers and former firefighters Chris Sorensen and Robin Sorensen, the company has a well-known charitable reputation through the establishment of the non-profit Firehouse Subs Public Safety Foundation.
Since 2010, the brand has increased its number of restaurants threefold to 1200 and its system-wide sales four times to an expected $1.1 billion for 2021. The company is also expected to generate roughly $50 million in 2021.
The company’s foundation has now granted $62.5 million in essential life-saving equipment and other support to public safety organizations.
“Firehouse Subs is a special brand with a talented team, impressive culture, and community focus that resonates with guests and closely aligns with our core values at RBI. We see tremendous potential to accelerate growth at Firehouse Subs with RBI’s development expertise, global franchisee network, and digital capabilities. We are excited to welcome the team to the RBI family and to continue our ambitious dream of building the world’s most loved restaurant brands,” said Jose Cil, CEO of RBI.
Don Fox, CEO of Firehouse Subs said, “We are united in our commitment to and passion for hearty and flavourful food, heartfelt service, and public safety. Joining the RBI family of brands provides an energizing opportunity to assist more communities, not only across Canada, but around the globe. The donations we generate for our Foundation through our restaurants means changing and saving lives, so we can’t wait to accelerate our journey at home and around the world.”