The official ownership of Firehouse Subs and Fazoli’s has changed.
LOS ANGELES The acquisition of Fazoli’s by FAT (Fresh. Authentic. Tasty.) Brands Inc. and the acquisition of Firehouse Restaurant Group Inc. by Restaurant Brands International Inc. were two significant deals in the quick-service restaurant sector that closed on December 16.
The $1 billion acquisition of Firehouse Subs by Toronto-based RBI was initially reported in mid-November. Firehouse Subs, a chain of quick-service sandwich restaurants with 1,200 locations throughout 46 US states, Canada, and Puerto Rico, was founded in 1994 by brothers Chris and Robin Sorensen, who were also firefighters. This year, the company is estimated to produce $1.1 billion in systemwide sales. 97% of the restaurants under the name are owned and run by franchisees. The restaurant franchise serves soups, chopped salads, and steamed meats and cheeses on toasted sub rolls in addition to hot sandwiches.
In the meantime, FAT bought Fazoli’s from Sentinel Capital Partners for $130 million. The deal was initially revealed in early November.
With its headquarters located in Lexington, Kentucky, Fazoli’s runs over 200 locations that specialise in serving freshly made pasta along with salads, pizza, breadsticks, desserts, and Submarinos sandwiches.
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Established in 1988, Fazoli’s is the biggest Italian quick-service restaurant company in the US, with ambitions to open 100 locations in the next years.
Andy Wiederhorn, the company’s CEO, stated, “This has been a year of tremendous growth for FAT Brands.” “We have concentrated on growing our reach and size through well-timed acquisitions, but we also maintain robust same-store sales across the board. In terms of brand performance, Fazoli’s has had a fantastic year, with three quarters of record-breaking sales. We are excited to include Fazoli’s in our offering and collaborate with CEO Carl Howard and his group to continue building on this outstanding achievement until 2022.