GRAND RAPIDS — Chicago-based Factorial Holdings plans to construct 10 new Burger King restaurants in Grand Rapids over the next five years.
The company also acquired 26 existing Burger King restaurants in the Grand Rapids area, officials announced Monday. The restaurants will be remodeled as new ones are constructed. Factorial Holdings will hire 250 new employees to add to the current workforce of 600 employees at the Grand Rapids Burger King restaurants.
“We see tremendous growth within the Grand Rapids market and acquiring this Burger King franchise is our first step as a member of the Grand Rapids community to help continue that trend,” Factorial Holdings Managing Partner Michael Stanley said in a statement. “Community involvement is a major and continuous theme in our local marketing initiatives.”
While the pandemic has taken a toll on restaurants affected by dine-in restrictions meant to slow the spread of COVID-19, fast food chains have had steady sales this year. In March, restaurants with drive-throughs generated $8.3 billion across the fast food industry, an increase from $8 billion in sales during the same period in 2019, according to data from the NPD Group market research firm.
Factorial Holdings has local leadership in Grand Rapids, with Jim MacDonald serving as the acquisition company’s vice president of operations for the Grand Rapids area. The company specializes in buying restaurant companies where founders are interested in transitioning. Factorial invests in family-owned companies with $500,000 to $5 million in annual owner earnings.
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