Carrols Restaurant Group, Inc. Acquires 19 BURGER KING® Restaurants in Indiana and Michigan
July 08 2021 - 8:30AM
Carrols Restaurant Group, Inc. (“Carrols” or the “Company”)
(Nasdaq: TAST) today announced that it recently acquired 19 BURGER
KING® restaurants in Indiana and Michigan.
Daniel T. Accordino, the Chairman and Chief
Executive Officer of Carrols, commented, “As we have stated
previously, with our Adjusted Leverage Ratio (as defined in our
senior credit facility) below four times, we have been pursuing
opportunistic bolt-on transactions to grow our overall portfolio.
These 19 restaurants, which were acquired in two separate
transactions, constitute our first multi-restaurant acquisitions in
more than two years and increase our store count in two large
Midwestern states where we already have a significant presence.
Importantly, we believe that we can improve upon the average sales
volume of these restaurants and increase their margins over time as
we integrate them into our existing operations.”
About the Company
Carrols is one of the largest restaurant
franchisees in North America. It is the largest BURGER KING®
franchisee in the United States, currently operating 1,029 BURGER
KING® restaurants in 23 states as well as 65 POPEYES® restaurants
in seven states. Carrols has operated BURGER KING® restaurants
since 1976 and POPEYES® restaurants since 2019. For more
information, please visit the Company's website at
www.carrols.com.
Forward-Looking Statements
Except for the historical information contained
in this news release, the matters addressed are forward-looking
statements. Forward-looking statements, written, oral or otherwise
made, represent Carrols' expectation or belief concerning future
events. Without limiting the foregoing, these statements are often
identified by the words "may", "might", "believes", "thinks",
"anticipates", "plans", "expects", "intends" or similar
expressions. In addition, expressions of our strategies,
intentions, plans or guidance are also forward-looking statements.
Such statements reflect management's current views with respect to
future events and are subject to risks and uncertainties, both
known and unknown. You are cautioned not to place undue reliance on
these forward-looking statements as there are important factors
that could cause actual results to differ materially from those in
forward-looking statements, many of which are beyond our control.
Investors are referred to the full discussion of risks and
uncertainties, including without limitation the impact of COVID-19
on Carrols’ business, as included in Carrols' filings with the
Securities and Exchange Commission.
Investor Relations:Raphael
Gross203-682-8253investorrelations@carrols.com
Carrols Restaurant (NASDAQ:TAST)
Historical Stock Chart
From May 2024 to Jun 2024
Carrols Restaurant (NASDAQ:TAST)
Historical Stock Chart
From Jun 2023 to Jun 2024