SYRACUSE, N.Y.--(BUSINESS WIRE)--
Carrols Restaurant Group, Inc. ("Carrols" or the "Company")
(Nasdaq:TAST) today announced that on September 18, 2014 it exercised
its right of first refusal to purchase 30 BURGER KING® restaurants in
eastern North Carolina under the same terms and conditions of an
existing purchase and sale agreement between the sellers and an
unrelated third party. The total purchase price is approximately $20
million payable in cash at closing, and the assets to be purchased
include 12 fee-owned properties. The Company anticipates that subsequent
to closing it will market and enter into sale/leaseback transactions for
10 of the fee-owned properties for total estimated proceeds of $13
million to $14 million.
Daniel T. Accordino, the Company's Chief Executive Officer said, "The
addition of these 30 restaurants further expands our presence in North
Carolina, where we currently operate 134 BURGER KING® restaurants, and
provides us with a stronger foothold in the eastern portion of the
state. Since raising equity capital earlier this year in a public
offering, we have made a series of strategic acquisitions, and to date,
completed the purchase of 29 restaurants. The expected closing of this
transaction, along with the anticipated completion of our previously
announced purchase of 64 restaurants from Heartland Food LLC, will bring
our 2014 acquisition activity to over 120 restaurants and our restaurant
count to more than 670 by year-end."
Accordino concluded, "We are successfully executing on our acquisition
strategy and believe that the leveraging of our operating and P&L
disciplines will enhance shareholder value."
The transaction is subject to certain customary closing conditions and
is expected to be completed in early October.
About the Company
Carrols Restaurant Group, Inc. is the largest BURGER KING®
franchisee in the world with 581 restaurants as of September 18, 2014
and has operated BURGER KING® restaurants since 1976. For more
information on Carrols, please visit the company's website at www.carrols.com.
Except for the historical information contained in this news release,
the matters addressed are forward-looking statements. Forward-looking
statements, written, oral or otherwise made, represent Carrols'
expectation or belief concerning future events. Without limiting the
foregoing, these statements are often identified by the words "may",
"might", "believes", "thinks", "anticipates", "plans", "expects",
"intends" or similar expressions. In addition, expressions of our
strategies, intentions or plans are also forward-looking statements.
Such statements reflect management's current views with respect to
future events and are subject to risks and uncertainties, both known and
unknown. You are cautioned not to place undue reliance on these
forward-looking statements as there are important factors that could
cause actual results to differ materially from those in forward-looking
statements, many of which are beyond our control. Investors are referred
to the full discussion of risks and uncertainties as included in
Carrols' filings with the Securities and Exchange Commission.
Carrols Restaurant Group, Inc.
Source: Carrols Restaurant Group, Inc.
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