Restaurant Brands International Inc. (NYSE: QSR) is acquiring Firehouse Subs from Firehouse Restaurant Group Inc. for $1 billion in an all-cash transaction. 

RBI’s existing family of quick service restaurant brands includes Tim Hortons, Burger King, and Popeyes

Firehouse Subs was founded in Jacksonville, Florida in 1994 by brothers and former firefighters Chris Sorensen and Robin Sorensen. The company also established the non-profit Firehouse Subs Public Safety Foundation.  

José Cil, CEO of RBI commented, “Firehouse Subs is a special brand with a talented team, impressive culture and community focus that resonates with guests and closely aligns with our core values at RBI. We see tremendous potential to accelerate U.S. and international growth at Firehouse Subs with RBI’s development expertise, global franchisee network and digital capabilities.”

BofA Securities Inc. and J.P. Morgan Securities LLC acted as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisors to RBI. Firehouse Subs was advised by TD Securities and Latham and Watkins.