CHINA | Restaurant Brands International has announced a new plan for Burger King restaurants in China following a new acquisition.
Restaurant Brands International Inc. has announced that a subsidiary of RBI has acquired from TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII, Ltd all their equity interests in Burger King China for approximately USD 158 million in an all-cash transaction.
As a result, RBI now owns nearly 100 percent of the business and will engage advisors to assist the company to identify a new local partner to inject primary capital into the business and become the controlling shareholder. This aligns with RBI's long-term strategy of partnering with experienced local operators while maintaining a primarily franchised business.
TFI has been a valued partner in Burger King's expansion in China, helping the brand grow from 60 restaurants in 2012 to 1,500 today and will continue expanding its operations in Turkey as one of RBI's largest business partners worldwide.
Cartesian has also played an important role supporting Burger King's development in the market, and RBI continues to be a partner with Cartesian in growing the Tim Hortons business in China.
"We are thankful for TFI's and Cartesian's partnership over the years and their role in expanding the brand in China," said Rafael Odorizzi, President of Asia Pacific for RBI.
"This transaction marks the beginning of a new chapter for Burger King in China and reinforces our commitment to long-term growth in the region as we identify a new local operating partner. We are committed to offering our guests high-quality food and exceptional experiences in welcoming restaurants across China."
Restaurant Brands International Inc. is one of the world's largest quick-service restaurant companies with nearly USD 45 billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands, such as Tim Hortons, Burger King, Popeyes, and Firehouse Subs. These independently operated brands have served their guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.
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