SYRACUSE, N.Y. — Carrols Restaurant Group, Inc. (NASDAQ: TAST) has completed its acquisition of Rockville, Maryland–based Republic Foods Inc., which operates 17 Burger King restaurants in Maryland.
The restaurants are located in the Baltimore and Washington, D.C. markets, Carrols said in a news release issued Monday.
Carrols is “pleased” to complete this transaction which it obtained through the “exercise of our right of first refusal,” Daniel Accordino, CEO of Carrols, said.
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“We are excited since this acquisition provides a strategic entry point for us to further expand our presence in the mid-Atlantic region going forward. These restaurants, with average sales volumes of almost $2.0 million, are also significantly higher than our system average and should be highly accretive [to earnings] as we integrate them with our existing operations,” said Accordino.
Syracuse–based Carrols is the largest Burger King franchisee in the U.S. with 804 restaurants as of June 12. It has operated Burger King restaurants since 1976.
Contact Reinhardt at ereinhardt@cnybj.com
