Carrols Restaurant Group, Inc. Signs Agreement to Purchase 21 Burger King® Restaurants in Upstate New York
- July, 17 2014
Carrols Restaurant Group, Inc. (Nasdaq:TAST) today announced that on July 11, 2014 it signed a definitive agreement to purchase 21 BURGER KING® restaurants from Kessler Group, Inc. The restaurants are located in or around Rochester, NY and in the “Southern Tier” region of Western New York State. The transaction is expected to close by the end of July 2014 and is subject to customary closing conditions.
The Company continues to expand and to increase its ownership of BURGER KING® restaurants. Carrols also recently completed the acquisition of a total of eight BURGER KING® restaurants in two separate transactions. On June 30, 2014, Carrols completed the purchase of four BURGER KING® restaurants in the Pittsburgh, Pennsylvania market. The Company previously announced that it had also closed on the acquisition of four BURGER KING® restaurants located in Fort Wayne, Indiana on April 30, 2014.
Daniel T. Accordino, the Company's Chief Executive Officer said, “Earlier this year we completed a public offering of common stock to position us for opportunities such as these. Carrols has a track record of improving the operations and profitability of restaurants it has acquired and we believe we will enhance shareholder value as we execute our strategy to further expand our ownership within the BURGER KING® system. We expect to make additional announcements of this nature in the future.”
Carrols Restaurant Group, Inc. is the largest BURGER KING® franchisee in the world with 564 restaurants as of June 30, 2014 and has operated BURGER KING® restaurants since 1976.
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