A billion dollars in cash. That's what Jacksonville restaurant chain, Firehouse Subs, sold for. A billion bucks. All cash.
Firehouse Subs is an amazing local success story and it got more amazing with this latest news.
The chain has been sold to Restaurant Brands International Inc., the company that also owns Burger King, Popeyes and Tim Horton.
Right now, Firehouse Subs has almost 1,200 locations in 46 states, and in Canada and Puerto Rico. With this news, the sky's the limit now, for the sandwich brand.
Brothers Chris and Robin Sorensen founded the company 27 years ago and are former firefighters themselves. Years ago, we had the pleasure of having Robin sit in on our morning show, and he told us how he and his brother had eaten at another chain sub shop, that still operates to this day, and it was then that the thought occurred to them that they could do better. So, they set out to do just that.
According to previous interviews, the brothers started out with less than $100 in their checking account and borrowed credit cards and opened their first Firehouse Subs in Mandarin in 1994.
According to news reports, the company will still be headquartered here in Jacksonville, after the sale, and the current CEO and CFO will continue to run it. The Firehouse Subs Safety Foundation, the charitable arm of the company, will also continue. In fact, the Sorensen brothers will remain on the board of the foundation and Robin will be its chairman. They are hoping to grow the foundation even more after the sale. Through the years, the foundation has donated over $62 million dollars to charitable groups, with a focus on lifesaving equipment to first responders.