SYRACUSE, N.Y. — Carrols Restaurant Group, Inc. (NASDAQ: TAST) on Monday signed an agreement to purchase 43 Burger King restaurants in and around the Cincinnati, Ohio area.
Carrols acquired the restaurants from Atlanta, Georgia–based GPS Hospitality, the company said in a news release issued Wednesday.
GPS Hospitality owns and operates more than 430 Burger King and Popeyes restaurants in 14 states, according to its LinkedIn page.
Carrols expects the transaction to close in January.
The company contends that it continues to “effectively” execute its acquisition-growth strategy, having completed the acquisition and integration of 56 Burger King restaurants in 2016.
“We are pleased to be concluding another productive year of growth with a definitive agreement to purchase these additional 43 Burger King restaurants. This transaction gives us a good start for 2017 and provides us with a strong foothold in the greater Cincinnati market. Looking ahead, we remain confident in our ability to enhance long-term shareholder value through our ongoing acquisition strategy,” Daniel Accordino, CEO of Carrols Restaurant Group, said in the release.
Syracuse–based Carrols is the largest Burger King franchisee in the U.S. and has operated Burger King restaurants since 1976.
Contact Reinhardt at ereinhardt@cnybj.com