Kirkland & Ellis advised Cambridge Franchise Holdings, LLC (“Cambridge”) on the sale of more than 200 Burger King© and Popeyes© restaurants to Carrols Restaurant Group, Inc. (“Carrols”) (Nasdaq:TAST) in exchange for common stock and convertible preferred stock of Carrols. On a fully-diluted, as converted basis, Cambridge would hold an approximate 24% equity interest in Carrols. The transaction was structured as a tax-free merger.
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The Kirkland team was led by transactional partner Will Boothby and associate Kristin Rulison, and included partners Eric Schiele and Matt Arenson.