Restaurant Brands International
A Canadian multinational restaurant holding company whose principal brands include Burger King, Tim Hortons, Popeyes and Firehouse Subs.
Last updated October 29, 2026
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Overview
Restaurant Brands International Inc. (RBI) is a Canadian multinational holding company focused on quick-service restaurants. It was created in 2014 through the combination of Burger King, the U.S.-based hamburger chain, and Tim Hortons, the Canadian coffee and fast-food chain. The transaction created a parent company intended to preserve the two brands’ separate identities and operating structures while giving Tim Hortons access to Burger King’s international development capabilities and giving both businesses the potential for purchasing, financing and administrative efficiencies. RBI is a multi-brand franchising and restaurant-services group rather than a single consumer-facing chain. Its principal brands are Burger King, Tim Hortons, Popeyes Louisiana Kitchen and Firehouse Subs. Burger King is known primarily for flame-grilled hamburgers and its Whopper product; Tim Hortons centers on coffee, baked goods, breakfast and other fast-food items; Popeyes specializes in Louisiana-style fried chicken and related menu products; and Firehouse Subs focuses on made-to-order submarine sandwiches. The brands retain distinct marketing, menus and operating organizations, although RBI provides group-level capital allocation, strategy, technology, restaurant development and support. The company expanded through acquisitions after its formation. RBI purchased Popeyes in 2017 for approximately US$1.8 billion and acquired Firehouse Subs in 2021 for approximately US$1 billion. These transactions broadened its geographic presence and increased its exposure to chicken and sandwich categories. RBI also uses franchising extensively, with restaurants operated by independent franchisees as well as by company-controlled or affiliated operators. In 2024, it agreed to acquire Carrols Restaurant Group, a major Burger King franchisee, adding a large portfolio of Burger King restaurants and some Popeyes locations to its controlled restaurant operations. RBI is incorporated and headquartered in Canada and its shares trade on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol QSR. Its principal restaurant brands continue to maintain important operational bases in the United States: Burger King and Popeyes are associated with Miami, Florida, while Firehouse Subs is based in Jacksonville, Florida. Tim Hortons remains closely associated with Canada and is headquartered alongside RBI in the Toronto area. The company’s 2014 creation attracted attention because the transaction placed the new holding company in Canada after Burger King had been headquartered in the United States. Critics characterized the arrangement as a tax-inversion transaction, while RBI and 3G Capital emphasized international growth and shareholder value as the principal rationale. Canadian regulators approved the merger subject to conditions concerning separate operations, employment and Canadian representation on Tim Hortons’ board. Leadership later shifted from Daniel Schwartz, who became executive chairman, to José Cil as chief executive in 2019, and then to Joshua Kobza in 2023. RBI stated in 2024 that it expected to reach approximately 40,000 restaurants worldwide by 2028, compared with 31,070 restaurants across its brands at the end of fiscal 2023.
History
Restaurant Brands International emerged from a 2014 transaction between Burger King and Tim Hortons. Burger King, an American hamburger chain controlled by 3G Capital, announced in August 2014 that it was negotiating a combination with Tim Hortons, the Canadian coffee and quick-service restaurant company. The proposed structure placed the new holding company in Canada and was designed to allow the two chains to maintain separate operating identities. Supporters argued that the combination would provide Tim Hortons with greater resources for international development while creating efficiencies in financing, purchasing and corporate administration. The transaction was valued at approximately C$12.5 billion. It drew criticism in the United States because the Canadian corporate structure was viewed by some politicians and commentators as a tax inversion. 3G Capital co-founder Alex Behring rejected the idea that tax considerations were the central purpose, describing growth and value creation through expansion as the main rationale. Canadian review concluded that the combination was unlikely to substantially reduce competition. Approval was granted subject to commitments including separate Burger King and Tim Hortons operations, restrictions on combining locations in Canada and the United States, significant employment at the Oakville headquarters and Canadian representation on Tim Hortons’ board. Tim Hortons shareholders approved the transaction in December 2014. The new parent was named Restaurant Brands International and began trading under the QSR ticker. The merger did not turn the four restaurant businesses into a single chain; instead, RBI developed as a house of brands. Burger King and Tim Hortons retained their established menus, customer propositions and operating organizations, while RBI assumed responsibility for group strategy, capital deployment and portfolio expansion. RBI’s next major expansion came in 2017, when it announced and completed the acquisition of Popeyes Louisiana Kitchen for approximately US$1.8 billion. Popeyes added a large international chicken business and diversified RBI beyond burgers and coffee. In 2021, RBI announced the purchase of Firehouse Subs for approximately US$1 billion and completed the deal in December of that year. Firehouse strengthened the company’s presence in the submarine-sandwich segment and added another heavily franchised restaurant system. Leadership evolved as the company matured. Daniel Schwartz led RBI during its formation and later became executive chairman. José Cil was appointed chief executive in 2019, followed by Joshua Kobza in 2023. Ownership has remained strongly associated with 3G Restaurant Brands Holdings LP, an affiliate of 3G Capital, although the investment firm’s voting influence declined from its level at the company’s creation. Berkshire Hathaway, which had helped finance the original transaction, held a minority stake for several years before disclosing in 2020 that it had fully exited. RBI is headquartered in Toronto, alongside Tim Hortons, while the individual brands retain important U.S. operating centers. Burger King and Popeyes are based in Miami, and Firehouse Subs is based in Jacksonville. The company relies substantially on franchisees, supplemented by company-controlled restaurants and affiliated operators. Its 2024 growth planning emphasized continued restaurant development and a goal of approximately 40,000 locations worldwide by 2028, compared with 31,070 restaurants across its brands at the end of fiscal 2023.
- 2024
RBI announces long-term restaurant growth target
[1]The company stated that it expected to reach approximately 40,000 restaurants globally by 2028.
- 2024
Carrols Restaurant Group acquisition announced
[1]RBI agreed to acquire a major Burger King franchisee, including more than 1,000 Burger King locations and more than 50 Popeyes locations.
- 2023
Joshua Kobza becomes CEO
[1]Joshua Kobza succeeded José Cil as RBI’s chief executive.
- 2021
Firehouse Subs joins the portfolio
[1]RBI completed its approximately US$1 billion acquisition of Firehouse Subs.
- 2019
José Cil becomes CEO
[1]José Cil succeeded Daniel Schwartz as chief executive, with Schwartz moving to executive chairman.
- 2017
Popeyes joins the portfolio
[1]RBI completed its approximately US$1.8 billion acquisition of Popeyes Louisiana Kitchen.
- 2014
Burger King announces proposed combination with Tim Hortons
[1]Burger King disclosed negotiations to combine with Tim Hortons under a new Canadian-based holding company while preserving separate chain operations.
- 2014
Restaurant Brands International is formed
[1]Tim Hortons shareholders approved the transaction in December, creating Restaurant Brands International and establishing the QSR ticker.
Products and positioning
A global, franchise-led quick-service restaurant platform that manages a portfolio of distinct brands across burgers, coffee and baked goods, fried chicken, and sandwiches.
Hamburger quick-service restaurants · 2014
Burger King
Burger King is RBI’s hamburger restaurant brand and is widely associated with flame-grilled burgers, including the Whopper, along with chicken products, fries, breakfast items, desserts and beverages. The chain operates through a large franchise network and maintains a distinct brand organization from RBI’s other restaurant businesses.
Coffee, baked goods and quick-service restaurants · 2014
Tim Hortons
Tim Hortons is a Canadian-origin coffee and fast-food chain centered on brewed coffee, other beverages, donuts, baked goods, breakfast products, sandwiches and snacks. It remained a separate operating brand after joining RBI and continues to be strongly identified with the Canadian market while pursuing international development.
Fried-chicken quick-service restaurants · 2017
Popeyes
Popeyes Louisiana Kitchen is RBI’s chicken-focused brand. Its menu is built around Louisiana-style fried chicken, chicken sandwiches, seafood and side dishes. RBI acquired the chain in 2017, adding a substantial international restaurant system and a category distinct from Burger King’s core hamburger proposition.
Submarine-sandwich restaurants · 2021
Firehouse Subs
Firehouse Subs is a sandwich chain founded around hot submarine sandwiches, including meat- and cheese-based offerings, salads, soups and beverages. RBI acquired the brand in 2021, expanding its portfolio into the sandwich segment while retaining Firehouse’s separate restaurant identity and operating model.
Controversies
2014
Controversy over the Burger King–Tim Hortons tax structure
The proposed merger attracted criticism from U.S. politicians and commentators who viewed the Canadian incorporation of the new holding company as a tax inversion that could reduce U.S. tax revenue. RBI and 3G Capital disputed that tax considerations were the principal motivation and emphasized international growth and business efficiencies.
Brand decisions
2024
Acquire Carrols Restaurant GroupM&ABackground
RBI pursued greater control over a substantial group of franchised Burger King restaurants and selected Popeyes locations.
Action taken
RBI agreed to acquire Carrols Restaurant Group, including more than 1,000 Burger King locations and more than 50 Popeyes locations.
Aftermath
RBI gained direct control over a large portfolio of Burger King restaurants and selected Popeyes locations, expanding its company-operated restaurant base.
2021
Acquire Firehouse SubsM&ABackground
RBI sought to add a sandwich-focused restaurant brand to its portfolio.
Action taken
RBI announced and completed the acquisition of Firehouse Subs.
Aftermath
Firehouse Subs became RBI’s fourth principal restaurant brand.
Acquisition value. Approximately US$1 billion (2021 acquisition)
2017
Acquire Popeyes Louisiana KitchenM&ABackground
RBI pursued expansion beyond burgers and coffee into the global fried-chicken category.
Action taken
RBI acquired Popeyes through an indirect subsidiary at US$79 per share.
Aftermath
Popeyes became RBI’s third major restaurant brand and broadened its geographic and category exposure.
Acquisition value. Approximately US$1.8 billion (2017 acquisition)
2014
Combine Burger King and Tim HortonsM&ABackground
Burger King and Tim Hortons sought a structure that could support international expansion while keeping the two chains operationally separate.
Action taken
The companies completed an approximately C$12.5 billion transaction and established Restaurant Brands International as the Canadian parent.
Aftermath
RBI became a multi-brand restaurant holding company, with Burger King and Tim Hortons retaining distinct operations and brands.
Transaction value. Approximately C$12.5 billion (2014 transaction)
Recent events
- 2024
RBI sets 40,000-restaurant growth objective[1]
Other
RBI stated that it anticipated reaching approximately 40,000 restaurants worldwide by 2028, compared with 31,070 restaurants across its brands at the end of fiscal 2023.
- 2024
RBI agrees to acquire Carrols Restaurant Group[1]
M&A
RBI agreed to acquire Carrols Restaurant Group, adding more than 1,000 Burger King restaurants and more than 50 Popeyes restaurants to its controlled operating portfolio.
- 2023
Joshua Kobza named chief executive officer[1]
Leadership change
Joshua Kobza became RBI’s chief executive, succeeding José Cil.
- 2021
RBI agrees to acquire Firehouse Subs[1]
M&A
RBI announced a US$1 billion agreement to acquire Firehouse Subs, adding a sandwich-focused chain to its brand portfolio.
- 2021
RBI completes Firehouse Subs acquisition[1]
M&A
The Firehouse Subs acquisition was completed in December 2021.
- 2020
Berkshire Hathaway exits RBI investment[1]
Other
Berkshire Hathaway disclosed that it had sold its remaining stake in Restaurant Brands International.
- 2019
José Cil appointed chief executive officer[1]
Leadership change
José Cil became RBI’s chief executive, while Daniel Schwartz moved into the executive chairman role.
- 2017
RBI agrees to acquire Popeyes Louisiana Kitchen[1]
M&A
RBI announced an agreement to purchase Popeyes Louisiana Kitchen for approximately US$1.8 billion, expanding its portfolio into the global fried-chicken category.
- 2017
RBI completes Popeyes acquisition[1]
M&A
The Popeyes transaction closed at US$79 per share through an indirect RBI subsidiary.
- 2014
Burger King and Tim Hortons announce merger plan[1]
M&A
Burger King announced negotiations to combine with Tim Hortons in a transaction designed to create a Canadian-based restaurant holding company while retaining separate brand operations.
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