FIREHOUSE SUBS acquired by RESTAURANT BRANDS
Context
Restaurant Brands International Inc. agreed to acquire Firehouse Subs in an all-cash transaction, integrating the sandwich specialist into its QSR powerhouse portfolio. Structure encompasses full ownership of Firehouse Restaurant Group Inc., funded by cash and debt, pending regulatory nods. Strategic fit lies in complementary sandwich category exposure, mirroring RBI's playbook of high-quality, franchise-led growth with aligned guest profiles and innovation focus. Firehouse's purpose-driven model (rooted in firefighter heritage and public safety donations) enhances RBI's community ethos, while U.S./Canada density enables digital acceleration, franchise recruitment, and international pilots. Post-deal priorities emphasize unit economics optimization, brand awareness lift, and global expansion leveraging RBI's network.
FIREHOUSE SUBS, which reported an EBITDA margin of in 2021, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (10.6x).
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Target
Firehouse Subs, founded in 1994 in Jacksonville, Florida, United States, by brothers and former firefighters Chris Sorensen and Robin Sorensen, specializes in hot, hearty submarine sandwiches. The menu features steamed meats and cheeses on toasted sub rolls, including signature items like the Hook & Ladder®, alongside chopped salads, chili, soups, and sides. Prepared with high-quality ingredients, these offerings emphasize flavor, portion size, and drive-thru convenience. As a fast-growing player in the $30 billion U.S. QSR sandwich category, the brand operates approximately 1,200 restaurants across 46 U.S. states, Canada, and Puerto Rico, with 97% franchised (2025) and strong unit economics yielding 3.5-year average paybacks. Strategically, it focuses on community engagement and menu innovation to sustain #1 food quality ratings.
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REFERENCES
Valuation range: EV 1b - 4b USD
Revenue range: 750M - 1.3b USD
EBITDA range: 50M - 100M USD
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: firehouse subs
Acquirer: restaurant brands