Restaurant Brands International (RBI) (TSX: QSR) (NYSE: QSR) has completed its acquisition of Carrols Restaurant Group (formerly NASDAQ: TAST) for $9.55 per share, totaling approximately $1 billion. The acquisition adds Carrols' 1,023 Burger King and 59 Popeyes restaurants to RBI's portfolio. RBI plans to invest $500 million in reimaging over 600 Carrols locations before refranchising most of them over the next seven years. Additionally, RBI amended its Credit Agreement, increasing the term loan B facility to $5.9 billion to finance the acquisition.
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Carrols Restaurant Group, Inc. (TAST), the largest BURGER KING franchisee in the U.S., has announced a conference call to discuss its first quarter 2023 financial results on May 11, 2023, at 8:30 a.m. (ET). The financial results will be released at 7:00 a.m. (ET) the same day. The call will feature new President and CEO Deborah M. Derby, CFO Anthony E. Hull, and Controller Gretta Miles.
Carrols operates 1,019 BURGER KING restaurants across 23 states and 65 POPEYES restaurants in seven states, having been in operation since 1976 and 2019, respectively. Interested parties can join the call by dialing 201-493-6779, with a replay available until May 25, 2023. Webcast access is available on the company's Investor Relations website.
Carrols Restaurant Group, Inc. (Nasdaq: TAST) has appointed Deborah M. Derby as the new President and CEO, effective May 1, 2023. Ms. Derby succeeds Paulo A. Pena, who passed away on December 31, 2022, and Anthony Hull, the Interim CEO, who will continue as Vice President and CFO. Derby brings a wealth of experience, having served as a senior executive at Toys “R” Us and President of Horizon Group USA. The Board's Chairman, David Harris, expressed confidence in Derby's capabilities to drive the company's performance forward. Derby aims to collaborate with the Board and management to enhance financial and operational outcomes, targeting significant opportunities ahead for the company. Carrols operates as a key franchisee of BURGER KING® and POPEYES®, with a total of 1,084 restaurants across various states.