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Burger King Franchise | 47 Stores | $12M EBITDA | New England
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Well-positioned acquisition opportunity for a qualified institutional buyer or multi-unit operator. This 47-unit Burger King franchise portfolio operating across Massachusetts and New Hampshire generates a three-year average EBITDA of $12.0M on $92.9M in FY2025 revenue, priced at an institutional mid-market multiple of 5.0× weighted average normalized EBITDA, consistent with comparable 30–60-unit QSR franchise transactions.
The portfolio carries an A-rated operator designation from Burger King Corporate, with the portfolio President serving on BKC’s Franchise Success Committee. There are no open defaults, cure notices, or performance improvement plans. The FY2025 margin compression of 170 bps is fully explained by four seller-confirmed, largely structural cost drivers, delivery fee growth, an incremental BKC advertising contribution, insurance market repricing, and commodity costs, none of which represent demand deterioration or operational failure.
DSCR analysis at conventional leverage (50–65% debt, 7.5%, 10-year amortization) supports 2.16×–2.81× coverage on an FCF-adjusted basis, well above institutional minimums. Financials reviewed by Capital Connect based on store-level P&L statements for FY2023–FY2025.
Key Investment Highlights
* 47-unit Burger King® (RBI) portfolio — Massachusetts & New Hampshire
* FY2025 Net Revenue: $92.9M | Three-Year Avg EBITDA: $12.0M | FCF EBITDA: $10.2M
* Indicated EV: $60.0M primary | Range: $54.0M–$72.0M
* A-rated operator; BKC Franchise Success Committee member; no defaults or PIPs
* FY2025 margin compression fully explained; labor cost improved YoY
* Delivery/digital revenue: ~22% of total, growing; +53% in dollar sales since FY2023
* Contracted lease and FA terms extending through 2028–2036
* DSCR 2.16×–2.81× on FCF basis at 50–65% conventional leverage
* Franchisor approval required for transfer
A cash-flowing, institutionally managed QSR platform with a fully documented margin story, strong franchisor relationship, and a contracted revenue base, priced at a defensible mid-market multiple.
The portfolio carries an A-rated operator designation from Burger King Corporate, with the portfolio President serving on BKC’s Franchise Success Committee. There are no open defaults, cure notices, or performance improvement plans. The FY2025 margin compression of 170 bps is fully explained by four seller-confirmed, largely structural cost drivers, delivery fee growth, an incremental BKC advertising contribution, insurance market repricing, and commodity costs, none of which represent demand deterioration or operational failure.
DSCR analysis at conventional leverage (50–65% debt, 7.5%, 10-year amortization) supports 2.16×–2.81× coverage on an FCF-adjusted basis, well above institutional minimums. Financials reviewed by Capital Connect based on store-level P&L statements for FY2023–FY2025.
Key Investment Highlights
* 47-unit Burger King® (RBI) portfolio — Massachusetts & New Hampshire
* FY2025 Net Revenue: $92.9M | Three-Year Avg EBITDA: $12.0M | FCF EBITDA: $10.2M
* Indicated EV: $60.0M primary | Range: $54.0M–$72.0M
* A-rated operator; BKC Franchise Success Committee member; no defaults or PIPs
* FY2025 margin compression fully explained; labor cost improved YoY
* Delivery/digital revenue: ~22% of total, growing; +53% in dollar sales since FY2023
* Contracted lease and FA terms extending through 2028–2036
* DSCR 2.16×–2.81× on FCF basis at 50–65% conventional leverage
* Franchisor approval required for transfer
A cash-flowing, institutionally managed QSR platform with a fully documented margin story, strong franchisor relationship, and a contracted revenue base, priced at a defensible mid-market multiple.
About the Business
- Years in Operation
- 50
- Employees
- 1,040 (100 Full-time, 940 Part-time)
- Franchise
- This business is an established Burger King franchise
- Facilities & Assets
- Portfolio comprises 47 corporate-operated Burger King restaurants across Massachusetts and New Hampshire, ranging from freestanding drive-thru units to inline and mall-format locations. Sites span approximately 2,000–3,500 SF with full QSR build-outs including commercial kitchen equipment, POS systems, drive-thru infrastructure, and dining room fixtures. The majority of locations feature dedicated drive-thru lanes. All equipment is included in the sale and delivered in operating condition. Leasehold improvements, transferable licenses and permits, vendor agreements, and operational systems transfer with the business. Buyer will assume existing franchise agreements subject to Burger King corporate approval. A complete asset schedule and lease abstract summary is available to qualified buyers under executed NDA.
- Website
- https://www.bk.com
- Market Outlook / Competition
- Northeast Foods LLC operates within two of the most densely populated and economically resilient markets in the United States — Greater Boston and Southern New Hampshire. The portfolio benefits from high-traffic suburban and urban trade corridors with strong daytime population density, commuter volume, and consistent consumer demand. Burger King holds a commanding position in the QSR burger segment nationally, competing directly with McDonald's, Wendy's, and emerging fast-casual concepts, while maintaining strong brand recognition and value-driven consumer loyalty. Massachusetts and New Hampshire rank among the highest in median household income in the nation, supporting sustained QSR spend across economic cycles. The portfolio's geographic concentration creates operational efficiencies and supply chain advantages difficult to replicate. Consolidation trends within multi-unit QSR ownership continue to drive institutional and private equity buyer demand for platforms of this scale.
- Opportunities for Growth
- Global fast food market estimated at over $1.1 trillion in 2025, with steady growth across all major regions. Key growth drivers: rising disposable incomes, rapid urbanization, demand for convenience, and a growing young population. Digital ordering, drive-thrus, and loyalty programs have become major growth channels across the sector. 2025 trends include plant-based and healthier menu options, menu customization, and AI-powered kitchen systems and self-service kiosks.
About the Sale
- Seller Motivation
- Diversification
- Transition Support
- Buyer will benefit from the full support infrastructure of the Burger King franchise system, one of the world's most established QSR brands. Burger King corporate provides comprehensive onboarding, including access to the franchisee training program, operational playbooks, proprietary POS and technology platforms, and ongoing field support from regional business consultants. Seller will provide transitional support as negotiated, including introductions to key vendor relationships, regional management contacts, and operational staff. The portfolio operates under established SOPs with seasoned unit-level management in place across the majority of locations, providing continuity post-closing. Franchise renewal, remodel requirements, and brand standards compliance support are administered directly through Restaurant Brands International. All training obligations and timelines will be governed by the executed Franchise Agreement transferred at closing.
- Financing Options
- Optional depending on the buyer
Listing Info
- ID
- 2494027
- Listing Views
- 497
Listing ID: 2494027 The information on this listing has been provided by either the seller or a business broker representing the seller. BizQuest has no interest or stake in the sale of this business and has not verified any of the information and assumes no responsibility for its accuracy, veracity, or completeness. See our full Terms of Use. Learn how to avoid scams.
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