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The owner of Burger King Korea and Burger King Japan, Affinity Equity Partners, just put the two fast-food franchises up for sale. The Hong Kong-based Asian private equity company reportedly made the move as it is planning to withdraw from fast-food business operations in the two mentioned countries.
According to The Korea Economic Daily, Affinity Equity Partners is currently in search of a sales advisor in South Korea and Japan to carry out the sale of Burger King in the regions. The PEF company reportedly purchased the two franchises in 2016 and 2017 for a combined amount of ₩220 billion or around $190 million.
Investment banking sources revealed last weekend that the PEF is putting Burger King's operations in South Korea and Japan up for sale after the US hamburger franchise overtook another US-based burger fast-food giant, McDonald’s in Korea. The number of Burger King outlets in Korea was said to have greatly increased and this caused fewer sales for McDonald’s. As per the report, this is the first time that Burger King in Korea has outnumbered McDonald’s.
Affinity Equity Partners acquired the South Korean franchise of Burger King from VIG Partners in 2016 and it was able to operate smoothly for years. The following year, the firm also purchased a full stake in Burger King Japan and it was the Lotte Group that sold it to AEP for ₩10 billion.
While operating the Burger King franchises, Affinity spent millions to increase the number of stores in Japan and the target was raising the number from 100 to 300 by 2022. However, it appears that the company has given up without realizing this goal.
In any case, since Affinity acquired Burger King Korea, it was able to increase its number of restaurant outlets in the country and as of March this year, it has 411 outlets. With this figure, it effectively outnumbered McDonald’s that only has a total of 404.
Affinity Equity Partners is one of the most bustling investment companies in South Korea today. It is also the second-biggest shareholder in Shinsegae’s e-commerce brand, SSG.COM. Meanwhile, the exact details for the sale of the burger joints have not been revealed as of this time.
