Restaurant Brands International acquires Burger King China for US$158M

CHINA – Multinational QSR chain owner and operator Restaurant Brands International (RBI) has acquired Burger King China for US$158 million via one of its subsidiaries from local franchise partners TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII (Cartesian).

RBI has now acquired full ownership of the equity interests previously held by two companies, thereby gaining enhanced control over Burger King’s operations in China.

The company announced that it would engage advisors to identify a local partner to invest capital in Burger King China and assume the role of controlling shareholder.

This development is part of RBI’s long-term strategy to sustain a predominantly franchised business model while leveraging local expertise.

Rafael Odorizzi, president for Asia Pacific, expressed gratitude for the longstanding partnerships with TFI Asia Holdings BV and Cartesian, acknowledging their key role in expanding the brand in China.

He indicated that the transaction signified a new chapter for Burger King in the region and reinforced the company’s commitment to long-term growth while it sought a new local operating partner and remained dedicated to providing high-quality food and dining experiences across China.

TFI has been pivotal in the brand’s expansion, having grown the number of restaurants from 60 to 1,500 since 2012.

Although TFI divested its interests in Burger King China, it remains one of RBI’s largest business partners and continues to expand in Turkey, while Cartesian has also contributed significantly to the brand’s development in China.

Burger King China, holding exclusive master franchise rights for mainland China (excluding Hong Kong and Macau), is the largest franchisee globally. In addition, RBI will maintain its partnership with Cartesian to further develop the Tim Hortons business in China.

The acquisition is part of RBI’s aggressive expansion strategy, driven by strong performance despite a challenging quick-service restaurant market.

Financial results for the fourth quarter ended 31 December 2024 showed total revenues of US$2.29 billion—a 26.2% increase over the previous year—while year-end revenue reached US$8.4 billion.

However, operating costs rose to US$1.6 billion for the quarter and US$5.9 billion for the year, and diluted earnings per share declined to US$0.79.

Despite these challenges, global system-wide sales increased by 5.6% in the quarter and 5.4% over the full year.

The financial performance highlights strong revenue growth despite increased expenditures, reflecting RBI’s commitment to strategic investments in a competitive market.

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