Restaurant Brands, CPE complete Burger King China JV

Executive Summary

• Restaurant Brands International (RBI) and CPE have completed their previously announced joint venture for Burger King China, with CPE investing $350 million in new primary capital.
• Following the transaction, CPE owns approximately 83% of Burger King China, while RBI retains a 17% minority interest and a board seat.
• A wholly owned RBI affiliate secured a 20-year master development agreement granting exclusive rights to develop the Burger King brand in China, with a strategic goal to expand the restaurant network from ~1,250 to over 4,000 locations by 2035.

Key Details

• Transaction Structure: Joint venture completion between Restaurant Brands International Inc. and CPE.
• Capital Investment: CPE invested $350 million of new primary capital into the joint venture.
• Ownership Split: CPE holds ~83% ownership; RBI holds ~17% minority interest and retains a seat on the board of directors.
• Development Rights: A wholly owned affiliate of Burger King China entered into a 20-year master development agreement.
• Exclusive Rights: The agreement grants the affiliate exclusive rights to develop the Burger King brand in China.
• Growth Targets: The partnership aims to expand the Burger King restaurant network in China from approximately 1,250 locations to more than 4,000 by 2035.
• Strategic Focus: Expansion strategy includes delivering sustainable same-store sales growth through disciplined execution, food quality, and brand relevance.

Notable Quotes

• "China remains one of the most important long-term growth opportunities for the Burger King brand globally. With CPE as our partner and a clear strategy focused on food quality, restaurant execution and brand relevance, we believe Burger King China is well positioned to build a high-quality, sustainable business." — Josh Kobza, CEO of Restaurant Brands International