Restaurant Brands International (RBI), parent of Burger King, has set up a joint venture (JV) with Chinese private equity firm CPE to accelerate the brand’s expansion in China.
CPE will own 83% of Burger King China, while RBI retains a 17% stake and a board seat.
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The partnership includes a $350m capital injection from CPE, which will be used to fund new restaurant openings, marketing, menu innovation and general operations.
The deal will support the brand’s growth from 1,250 in late 2025 to more than 4,000 restaurants by 2035, with a plan to double the estate within five years.
CPE managing director Mark Mao stated: “Burger King is a world-renowned brand with enduring appeal among Chinese consumers.
“Our investment reflects our confidence in Burger King’s long-term potential in China. Leveraging our commitment and deep understanding of the Chinese consumer, we aim to bring Burger King’s flame-grilled burgers to even more guests across the country.”
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By GlobalDataA wholly owned affiliate of Burger King China will enter a 20-year master development agreement that gives it exclusive rights to develop the brand in the country.
Once finalised, RBI will begin reporting royalties from the operation in its international segment, gradually increasing these until they reach the full historical royalty rate.
The transaction advances RBI’s strategy to return to a “more simplified, highly franchised” model.
RBI CEO Joshua Kobza stated: “China remains one of the most exciting long-term opportunities for Burger King globally. Our recent investments and this joint venture underscore our confidence in the Chinese market.
“CPE is a well-capitalised, proven operator with exceptional leadership and extensive consumer and restaurant experience, making them an ideal partner to fuel the next chapter of Burger King China’s growth.
“Together, we can unlock the business’s full potential by combining our iconic brand and global scale with CPE’s local market and operational expertise.”
The deal is anticipated to complete in the first quarter of 2026, pending regulatory clearances.
