Carrols Restaurant Group Inc is a leading restaurant operator in the United States. The company was founded in 1960 by Gene Carroll.
Carrols Restaurant Group Inc operates over 1,000 Burger King locations across 26 states. They are one of the largest Burger King franchisees in the country.
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Latest News
Carrols Restaurant Group has had a significant development with the expiration of their Equity Buyback announced on August 8, 2019.
The Equity Buyback plan was announced on August 8, 2019, and it has now expired.
Involuntary Petition was filed against Carrols Restaurant Group on July 25, 2024.
The company has also undergone a major change with Restaurant Brands International completing the acquisition of the remaining 85% stake in Carrols Restaurant Group from various investors, including Cambridge Franchise Holdings, LLC and BlackRock, Inc., on May 15, 2024.
This acquisition was a significant milestone for the company, marking a major shift in its ownership structure.
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Here are some key dates related to the acquisition:
The company has also reported its earnings results for the first quarter ended March 31, 2024, and the full year ended December 31, 2023, on May 9 and March 8, 2024, respectively.
Analysts' Views
Carrols Restaurant Group has seen its fair share of analyst recommendations in recent months. Truist Securities downgraded the company to Hold from Buy on January 24, 2022, and trimmed its price target to $9.55 from $10.
Truist Securities wasn't the only one to downgrade Carrols Restaurant Group, as Craig-Hallum also downgraded the company to Hold from Buy on January 17, 2022, and cut its price target to $9.55 from $11.50.
On the same day, Craig-Hallum wasn't the only one to make a change, as Restaurant Brands International had its price target lowered to $87 at CIBC.
In a previous recommendation, Truist adjusted its price target on Carrols Restaurant to $10 from $9 on November 10, 2023, while maintaining a Buy rating.
Stephens also made a change, adjusting Carrols Restaurant Group's price target to $10 from $6 on August 11, 2023, and keeping an Overweight rating.
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Company Information
Carrols Restaurant Group is a leading operator and franchisor of Burger King restaurants in the United States. They have over 500 restaurants across 13 states.
Carrols Restaurant Group was founded in 1960 by H. Bennett Carrol. They have been in business for over 60 years.
Carrols Restaurant Group is a publicly traded company listed on the NASDAQ stock exchange under the ticker symbol TAST.
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Jobs and Careers
Working at Carrols Restaurant Group can be a mixed bag. Most people don't get paid breaks, with 86% of people saying they don't receive pay for their break time.
As a result, many employees don't get paid when they're sick, with 72% of people saying they wouldn't get paid if they were sick but scheduled to work. Only some states require paid sick leave, but a good job should pay you when you can't work because you're sick.
On the other hand, most people don't do unpaid extra work, with 72% of people reporting that they don't do extra unpaid work. This suggests that Carrols Restaurant Group is doing a good job of not overloading employees with extra tasks without pay.
Here are some key facts about working at Carrols Restaurant Group:
- Most people don't get paid breaks.
- Most people don't get paid when they're sick.
- Most people don't do unpaid extra work.
Business Deals
Restaurant Brands International Inc. is buying Carrols Restaurant Group, the largest U.S. franchisee of Burger King, for a whopping $1 billion. This all-cash transaction will see Carrols shareholders receive $9.55 per share.
The acquisition is part of Burger King's "Reclaim the Flame" plan, which aims to move away from larger and toward local franchisees. This strategy is focused on revamping the Burger King brand in America, refurbishing restaurant locations, and drawing in a younger crowd.
Carrols operates 1,022 Burger King restaurants in 23 states, generating approximately $1.8 billion of system sales in 2023. They also operate 60 Popeyes restaurants in six states.
The acquisition is expected to be completed in the second quarter of 2024.
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Frequently Asked Questions
Who bought out Carrols Corporation?
Restaurant Brands International acquired Carrols Restaurant Group for $1 billion in an all-cash transaction. The purchase price was $9.55 per share.
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