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M&A / Property

RBI and CPE Complete Previously Announced Joint Venture to Reignite Growth at Burger King(TM) in China

By The Northwire Desk — AI Analysis Feb 02, 2026 · 07:00 QSR · 91.23 RESTAURANT BRANDS INTERNATIONAL INC
QSR · Price

Executive Summary

  • Restaurant Brands International (RBI) and CPE completed their previously announced joint venture, with CPE contributing $350 million of primary capital.
  • CPE now holds ~83% of Burger King China, while RBI retains a 17% minority stake and a board seat.
  • The partners aim to expand the Burger King network in China from ~1,250 locations today to >4,000 by 2035 under a 20‑year master development agreement.

Key Details

  • Investment: CPE invested $350 million of new primary capital into Burger King China.
  • Ownership Structure: CPE – ~83%; RBI – 17% minority interest with board representation.
  • Development Agreement: A wholly owned affiliate of Burger King China entered a 20‑year exclusive master development agreement to develop the brand across China.
  • Growth Target: Expand restaurant count from approximately 1,250 (current) to over 4,000 by 2035.
  • Strategic Rationale: Combines RBI’s global brand and product portfolio with CPE’s local market expertise to accelerate growth and improve guest experience.
  • Leadership Quote: Josh Kobza, CEO of RBI, highlighted China as a critical long‑term growth opportunity and expressed confidence in the partnership’s ability to build a sustainable business.

Notable Quotes

“China remains one of the most important long‑term growth opportunities for the Burger King brand globally… we believe Burger King China is well positioned to build a high‑quality, sustainable business.” – Josh Kobza, CEO, Restaurant Brands International

Read the original news release →

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