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Burger King stakes in India owned by Everstone Capital Asia Pte Ltd. are up for sale, and it was reported that private equity fund companies - General Atlantic and Advent International - are in the last stage of negotiations to acquire them.
General Atlantic and Advent International are said to be eyeing the purchase of a 40.9% stake in Restaurant Brands Asia (RBA), the operator of Burger King restaurants in India and Indonesia. The share belongs to Singapore-based Everstone Capital.
The PEF firms are in talks to buy the BK shares, and there is no new update about the deal yet as of this time. It was reported that Everstone, which also runs the Subway sandwich and Lavazza coffee chains in India, revealed it is looking to unload its stake in Burger King for some cash. It further shared it is now actively engaged in due diligence with Advent International and General Atlantic.
It was in early May when it was first reported that Everstone is selling its over 40% share in RBA. At that time, it was speculated that Domino’s India operator, Jubilant Foodworks, is also interested in the buyout, but in its regulatory filing, the company refuted the reports.
As per Outlook India, the sale of shares comes at a time when the growth of Western fast-food chains in the country slowed down. This happened as the consumers started to choose restaurants with lower prices, such as the local regional brands that have managed to offer cheaper menu because the competition among them are far smaller compared to the major names.
Burger King and its BK Cafe coffee and beverage sub-brand have a total of 391 stores in India as of March 2023. Meanwhile, regarding the BK stake sale, there is no official word from the companies that are reportedly involved in the deal.
Photo by: Kseniia Ilinykh/Unsplash
