Restaurant Manufacturers Worldwide (RBI), which owns the long-lasting quick meals chain, Burger King, is buying the burger store’s largest franchisee within the U.S. for a whopping $1 billion in money.

RBI’s buy of Carrols Restaurant Group is predicted to be accomplished by the tip of Q2 2024 and also will embody an extra $500 million in investments to replace and transform greater than 1,000 Carrols-owned places.

Carrols Restaurant Teams generated roughly $1.8 billion of system gross sales through the one-year interval that ended on September 30, 202, Restaurant Manufacturers mentioned in a launch. The restaurant group operates in 23 U.S. states together with North Carolina, New York, Ohio and Tennessee.

Associated: Burger King Is Spending Thousands and thousands on Renos, Whopper Revamps

The brand new deal is a part of RBI’s try and revitalize the Burger King model and speed up gross sales development in a plan known as “Reclaim the Flame,” which, per the discharge, will double down on new and present expertise, put money into digital, and enhance operations and advertising and marketing in an try to show enterprise round for the fast-food chain.

In 2020, Wendy’s took over the No. 2 rating of largest burger chain from Burger King, and in 2023 two main operators filed for chapter. The chain additionally closed lots of of shops final yr.

“Carrols has demonstrated sturdy and enhancing restaurant operations over time. This acquisition is an thrilling accelerator to our ‘Reclaim the Flame’ plan that’s targeted on relentlessly pursuing a greater expertise for our Friends,” Tom Curtis, President of Burger King U.S. and Canada mentioned in a launch. “We’re going to quickly transform these eating places over the following 5 years or so and put them again into the palms of motivated, native franchisees to create superb experiences for our Friends.”

Burger King introduced its plan to enhance eating places in September 2022 by revealing that it might be investing $400 million into updating eating places and promoting.

Associated: Web Raises Over $420,000 for Burger King Worker

Nonetheless, in Q3 2023, Restaurant Manufacturers reported that U.S. enterprise for Burger King remained flat whereas same-store gross sales grew 7.2%.

“Again in the previous few quarters, we had been behind the business when it comes to our same-store visitors, and that is been progressively getting higher each quarter since final yr,” Restaurant Manufacturers CEO Josh Kobza instructed CNBC on the time. “So it was a giant milestone for us now to get to flat visitors.”

Restaurant Manufacturers Worldwide was up 14% in a one-year interval as of Tuesday afternoon.