MIAMI & SYRACUSE, NY – Carrols Restaurant Group Inc. will acquire 278 company-owned Burger King restaurants in Ohio, Indiana, Kentucky, Pennsylvania, North Carolina, South Carolina and Virginia.
Upon completion of the transaction Steve Wiborg, Burger King Corp.’s president, North America and Daniel Schwartz, chief financial officer, will join Carrols’ board of directors.
For BKC, the deal includes 28.9 percent equity interest in Carrols and total cash payments of approximately $15.8 million. The cash consideration is for refranchising fees of $9.4 million, inventory of approximately $2.5 million and payments to be made over five years by Carrols in conjunction with BKC's assignment to Carrols of its right of first refusal on sales of Burger King restaurants by existing franchisees in 20 states.
Carrols will become the largest Burger King franchisee globally with 575 restaurants.