BRIEF: CPE to invest $350 million to take control of Burger King China

Fast food giant Burger King’s parent, Restaurant Brands International (QSR.US), and Chinese private equity firm CPE announcedon Monday that they will form a joint venture, Burger King China, aimed at expanding the fast-food chain’s presence in Mainland China. The partnership marks another major restructuring by a foreign restaurant brand in China following Starbucks’ recent sale of a majority of its China store operation to a private equity partner.

According to the announcement, CPE will invest $350 million for 83% of Burger King China, valuing the venture at about $421 million. The two sides have signed a 20-year master development agreement, granting Burger King China exclusive rights to operate the brand in Mainland China. The new capital will fund restaurant expansion, marketing, and menu innovation, with plans to expand the number of outlets from about 1,250 currently to over 4,000 by 2035.

Beijing-based CPE is a private equity firm with investments spanning the technology, industrials, and consumer sectors. It was an early investor in collectible toy maker Pop Mart, and its portfolio includes Mixue Group, Aier Eye Hospital, and Laopu Gold.

Burger King entered China in 2005. In 2012, Turkey’s TFI Asia Holdings BV and U.S.-based Cartesian Capital Group acquired its China franchise rights, expanding rapidly through franchising. While China has become Burger King’s largest international market by store count, its average sales per restaurant remain the lowest among its global peers, at $400,000 in 2024, compared with $3.8 million in France.

RBI regained its equity stake in Burger King China from former joint venture partners earlier this year. After restructuring its management team, the company achieved positive same-store sales growth in China in the second quarter of 2025, with comparable sales rising 10.5% in the third quarter.

By Lee Shih Ta

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