Carrols Restaurant Acquires 19 Burger King restaurants For Undisclosed Sum

Carrols Restaurant Group Inc TAST has acquired 19 Burger King restaurants in Indiana and Michigan.
Carrols did not disclose the terms of the deal.
The restaurants were acquired in two separate transactions.
Carrols is the largest Burger King franchisee in the United States and currently operates 1,029 Burger King restaurants in 23 states.
"Importantly, we believe that we can improve upon the average sales volume of these restaurants and increase their margins over time as we integrate them into our existing operations," said CEO Daniel T. Accordino.
Cash and equivalents amounted to $59.9 million as of April 4, 2021.
Price action: TAST shares are trading lower by 1.39% at $5.32 on the last check Thursday.