At what enterprise value was FIREHOUSE SUBS acquired in 2021?

You can find the full valuation details of FIREHOUSE SUBS on mynth capital. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.5x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of FIREHOUSE SUBS when it was acquired by RESTAURANT BRANDS?

The exact EV/EBITDA multiple for FIREHOUSE SUBS is available on mynth capital. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.5x. Join our community for free to access full valuation data and industry trends.

When was FIREHOUSE SUBS acquired by RESTAURANT BRANDS?

FIREHOUSE SUBS was acquired by RESTAURANT BRANDS in 2021.

What was the revenue of FIREHOUSE SUBS at the time of the deal?

The revenue of FIREHOUSE SUBS at the time of the deal is estimated to be in the range of 750M - 1.3b USD. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of FIREHOUSE SUBS during the acquisition?

FIREHOUSE SUBS's EBITDA is estimated to be in the range of 50M - 100M USD. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the FIREHOUSE SUBS acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the FIREHOUSE SUBS deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.rbi.com/English/news/news-details/2021/Restaurant-Brands-International-Inc.-to-Acquire-Firehouse-Subs/default.aspx

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Home Database Retail & ConsumerFIREHOUSE SUBS

11/2021

FIREHOUSE SUBS

Acquired by

RESTAURANT BRANDS

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains REV 750M - 1.3b USD

FIREHOUSE SUBS acquired by RESTAURANT BRANDS

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains REV 750M - 1.3b USD

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 LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.5x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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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

Equity Value

Multiples Analysis

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year

Rev

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2021

2020

Other operations with FIREHOUSE SUBS

REFERENCES

Revenue range: 750M - 1.3b USD

EBITDA range: 50M - 100M USD

Note: Detailed and exact financial metrics (Enterprise Value, Revenue, EBITDA, and precise Multiples) are reserved for Mynth community members. Register for free to unlock full data.

Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).