Boston, MA 08/25/2014 (wallstreetpr) – Carrols Restaurant Group, Inc. (NASDAQ:TAST) is the largest franchisee of Burger King Worldwide Inc (NYSE:BKW). It runs 583 of Burger King Restaurants spread in 13 states. Carrols has announced that it will acquire 64 Burger King Units from Heartland Food LLC. The deal is valued around $18 million. It will open up new markets for Carrols. The new units are located in Nashville, Springfield, Terre Haute, Evansville and the other nearby markets. Also, Carrols will go ahead with remodeling plans of its 450 Burger King Restaurants.
The expansion plans
Carrols Restaurant Group, Inc. (NASDAQ:TAST) wants to acquire 100 Burger King Units in the current year. The acquisition of 64 restaurants is a part of the same plan. It acquired eight Burger King Worldwide Inc (NYSE:BKW) Units in Fort Wayne, Ind and Pittsburgh at the start of the year. It has acquired corporate owned 278 units in year 2012. Along with it, Carrols will keep on looking for the other additional options. It brought an equity offering in the month of April to generate the funds needed in the acquisition process. The offering in April generated funds of $67 million for Carrols Group. Carrols is on the road of acquiring the different restaurants since the start of the year. It bought 21 restaurants in N.Y. area, Western New York States and Rochester from Kessler Group Inc.
Daniel Accordino, the CEO of Carrols Restaurant Group, Inc. (NASDAQ:TAST), said that Carrols group is focusing on the expansion by acquisition of Burger King Worldwide Inc (NYSE:BKW) Units. It is a defined strategy to provide a return to shareholders for long-term. Carrols strategy is working as it posted a loss of $1.9 million in its second quarter results. The loss narrowed to 6 cents per share comparable to 15 cents a share in the prior-year period. The restaurant sales dropped 2% to $168.6 million in the second quarter. Carrols Restaurant Group, Inc. (NASDAQ:TAST) will focus on the reimaging efforts to enhance its performance in the coming quarters.
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