Then on Black Friday of that year, they one-upped themselves when McDonald's made this fatal mistake 🤣🤣🤣
By establishing themselves as THE twitter account not to mess with, National Roast Day became an internet holiday where brands and individuals offer themselves up to get roasted by Wendy's.
Yesterday, Restaurant Brands International announced they acquired Firehouse Subs for $1 Billion, despite Firehouse Subs reporting just $50M in adjusted EBITDA for 2021.
Here's why paying 20x EBITDA makes sense, & shows that RBI is playing the long game👇
First let's note that RBI currently owns Tim Hortons, Burger King, & Popeyes.
That's 2 pure-play fast food brands, and a coffee QSR.
Firehouse Subs is a QSR with fresh sandwiches that appeal to a customer base RBI currently isn't hitting with its existing portfolio.
Secondly - take a look at the dates these brands got started. Surprised at how old they are?
Don't be.
For 99% of franchises, scale + brand development take decades (most aren't F45).
Remember this if you're evaluating franchises that only started in the last few years.