Restaurant Brands International Inc. has announced that a subsidiary of the company has acquired all equity interests in Burger King China from TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII, Ltd (Cartesian) for approximately $158 million in an all-cash transaction.
As a result of the acquisition, RBI now owns nearly 100% of Burger King China. Moving forward, the company will engage advisors to assist in identifying a new local partner to inject primary capital into the business and assume the role of the controlling shareholder. This strategic move aligns with RBI’s long-term commitment to partnering with experienced local operators while maintaining a predominantly franchised business model, according to a news release.
TFI, a key partner in Burger King’s expansion in China, has played a significant role in the brand’s growth, helping the company expand from approximately 60 restaurants in 2012 to nearly 1,500 today. Despite this acquisition, TFI will continue to play a vital role in expanding operations in Turkey, one of RBI’s largest business partners worldwide.
Similarly, Cartesian has been instrumental in supporting Burger King’s development in the Chinese market, and RBI will continue to collaborate with Cartesian to grow the Tim Hortons brand in China, it said.
Rafael Odorizzi, President of Asia Pacific for RBI, commented on the deal: “We are thankful for TFI’s and Cartesian’s partnership over the years and their role in expanding the brand in China. 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 annual system-wide sales of nearly $45 billion and over 32,000 restaurants across more than 120 countries and territories. RBI owns four of the world’s most recognizable and iconic quick-service restaurant brands: TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. Through its Restaurant Brands for Good framework, RBI is working to improve sustainability in food, the planet, and communities.
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