Carrols Restaurant Group
Owns and operates over 1,000 restaurants under the Burger King and Popeyes brands.
| Date | Investors | Amount | Round |
|---|---|---|---|
| N/A | €0.0 | round | |
| investor | €0.0 | round | |
* | $1.0b Valuation: $1.0b 0.5x EV/Revenue 6.7x EV/EBITDA | Acquisition | |
| Total Funding | 000k | ||
| USD | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | 24 % | 6 % | 7 % | 5 % | 8 % | 4 % | 2 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | 5 % | 6 % | 5 % | 3 % | 8 % | - | - |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | (2 %) | (2 %) | (3 %) | (4 %) | 2 % | - | - |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article, Equity research estimates
In 1960, Herbert N. Slotnick founded Carrols Drive-In Restaurants in Syracuse, New York. The company initially operated its own brand of fast-food restaurants. By the mid-1970s, Carrols made a pivotal decision: it became a franchisee of Burger King. This shift in strategy set the stage for decades of growth, moving from an operator to a multi-brand franchisee and eventually focusing almost exclusively on Burger King. The company went public in December 2006, trading on the Nasdaq. This event provided the capital to fuel an aggressive expansion strategy. Carrols grew by acquiring smaller franchisees, consolidating the Burger King market under its massive operational umbrella. Over the years, it became the largest Burger King franchisee in the United States, operating over 1,000 restaurants. In early 2024, a significant chapter in the company's history was written when Restaurant Brands International, the parent company of Burger King, announced it would acquire Carrols Restaurant Group for approximately $1 billion. This acquisition brought the journey full circle, integrating the largest franchisee back into the corporate fold with the goal of modernizing and refranchising the restaurants.