Firehouse Subs acquired by Restaurant Brands

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV $1–10bn

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 [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

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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.

Ent. Value

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2021

2020

Other operations with Restaurant Brands

Other operations with Restaurant Brands
Date	Acquirer	Target	Country	Sector
08/2023	RESTAURANT BRANDS	FIESTA RESTAURANT	UNITED STATES	Restaurants / Chains

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REFERENCES

Valuation range: EV $1–10bn

Revenue range: $1–10bn

EBITDA range: $50–100M

EV/Revenue range: below 1.5x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Firehouse Subs by Restaurant Brands are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: firehouse subs

FAQ

What transaction does this page cover?

This page covers Restaurant Brands’s acquisition of 100% of Firehouse Subs, an American company specialised in Hospitality, in 2021.

How was the acquisition of Firehouse Subs by Restaurant Brands valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Firehouse Subs’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Firehouse Subs generated annual revenue estimated in the $1–10bn range and EBITDA in the $50–100M bracket (FY 2021). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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