RBI acquires partners' equity stakes and will
identify a new local operating partner
Transaction shows
commitment to drive long-term growth in China
TORONTO, Feb. 18,
2025 /PRNewswire/ -- Restaurant Brands International
Inc. (NYSE: QSR) (TSX: QSR) (TSX: QSP) ("RBI", "Company")
announced today that a subsidiary of RBI has acquired from TFI Asia
Holdings BV ("TFI") and Pangaea Two Acquisition Holdings XXIII, Ltd
("Cartesian") all their equity interests in Burger King China for
approximately $158M in an all-cash
transaction.
As a result, RBI now owns nearly 100% of the business and will
engage advisors to assist the company to identify a new local
partner to inject primary capital into the business and become the
controlling shareholder. This aligns with RBI's long-term strategy
of partnering with experienced local operators while maintaining a
primarily franchised business.
TFI has been a valued partner in Burger King's expansion in
China, helping the brand grow from
~60 restaurants in 2012 to ~1,500 today and will continue expanding
its operations in Turkey as one of
RBI's largest business partners worldwide.
Cartesian has also played an important role supporting Burger
King's development in the market, and RBI continues to be a partner
with Cartesian in growing the 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," said Rafael
Odorizzi, President of Asia
Pacific for RBI. "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."
About Restaurant Brands International Inc.
Restaurant
Brands International Inc. is one of the world's largest quick
service restaurant companies with nearly $45
billion in annual system-wide sales and over 32,000
restaurants in more than 120 countries and territories. RBI owns
four of the world's most prominent and iconic quick service
restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and
FIREHOUSE SUBS®. These independently operated brands have been
serving their respective guests, franchisees and communities for
decades. Through its Restaurant Brands for Good framework, RBI is
improving sustainable outcomes related to its food, the planet, and
people and communities.
Forward-Looking Statements
This press release includes
forward-looking statements, which are often identified by the words
"may," "might," "believes," "thinks," "anticipates," "plans,"
"expects," "intends" or similar expressions and include statements
related to expectations regarding growth of the Burger King
business in China, the Burger King
and Popeyes businesses in Turkey,
and the Tim Hortons business in China, and the ability to identify a new local
partner to become the controlling shareholder in the Burger King
business in China. These
forward-looking statements may be affected by risks and
uncertainties in the business of RBI, Burger King in China, Burger King and Popeyes in Turkey and Tim Hortons in China and market conditions, and include the
following: risks related to competition, macro-economic factors and
general risks of doing business in China and Turkey, the effectiveness of marketing,
advertising and digital programs, ability to successfully implement
growth strategies, ability to identify and lease sites that meet
brand criteria, unforeseen events, fluctuations in interest and
currency exchange rates, tariffs, changes in laws and regulations,
and geopolitical conflicts. This information is qualified in its
entirety by cautionary statements and risk factor disclosure
contained in filings made by RBI with the U.S. Securities and
Exchange Commission and the Canadian securities regulators,
including RBI's annual report on Form 10-K for the year ended
December 31, 2023. RBI cautions
readers that certain important factors may have affected and could
in the future affect actual results and could cause actual results
for subsequent periods to differ materially from those expressed in
any forward-looking statement made herein. RBI does not undertake
any obligation to update forward-looking statements to reflect
events or circumstances after the date hereof.
Contacts
RBI Investors: investor@rbi.com
RBI Media: media@rbi.com
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SOURCE Restaurant Brands International Inc.
