RBI Starts New Chapter for Burger King China

Restaurant Brands Int’l. announced today it has acquired all equity interests in Burger King China for about $158 million.

RBI acquired the business from TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII (Cartesian).

As a result, RBI now owns nearly 100% of the business and will work to find a new local partner “to inject primary capital into the business and become the controlling shareholder,” RBI says in the release. “This aligns with RBI’s long-term strategy of partnering with experienced local operators while maintaining a primarily franchised business.”

RBI says TFI has served as a valued partner in Burger King’s expansion in China, bringing it from 60 restaurants in 2012 to 1,500 today. It will continue to work with TFI on expanding its operations in Turkey. Meanwhile, RBI will continue to partner with Cartesian in growing its 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,” says Rafael Odorizzi, president of Asia Pacific for RBI, in a statement. “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.”

The transaction follows July’s announcement that RBI had acquired Popeyes China. RBI, which also owns Firehouse Subs, along with Burger King, Tim Hortons and Popeyes, has over 32,000 restaurants in more than 120 countries and territories.