Burger King Franchise | 47 Stores | $12M EBITDA | New England

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.