Teaching Note for CCJB-HBS-217082. Cambridge Franchise Partners (CFP) was established by Matt Perelman and Alex Sloane (both HBS '15) to pursue a roll-up strategy in the quick service restaurant (QSR) sector. Burger King (BK) approved CFP's request to become a franchisee and presented it with the opportunity to acquire Carolina Quality (CQ), an operator of 23 BK restaurants. The owner of CQ had decided not to extend its contract with BK because it would have required remodeling the restaurants at a total cost of $8 million. CFP acquired 100% of CQ's equity without making any cash payment to the seller, despite CQ's corporate level EBITDA of $700,000.