Restaurant Brands Asia (RBA), which operates Burger King in India and both Burger King and Popeyes in Indonesia, is set for a change in control following a proposed deal with Inspira Global.
The company and its current promoter, QSR Asia, which is majority owned by Everstone Capital, have signed definitive agreements under which Inspira Global will acquire a controlling stake in RBA.
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Under the proposed structure, Inspira Global will acquire QSR Asia’s entire 11.26% stake in RBA for Rs4.6bn ($50.3m).
Completion of the deal remains subject to customary and regulatory conditions.
Once complete, the transaction will result in the full exit of QSR Asia, which is in line with its planned investment cycle.
Inspira Global will undertake the deal mainly through Lenexis Foodworks, its food and beverage subsidiary.
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By GlobalDataLenexis has been active in the quick-service restaurant (QSR) segment for over a decade and runs more than 250 Chinese Wok outlets across over 45 Indian cities.
Inspira Global founder and managing director Aayush Madhusudan Agrawal said: “We have significant admiration for the work done by the RBA team in building the business so far.
“We see this acquisition as a long-term value creation initiative through focused sustainable growth and realising the true potential offered by the market.
“We will continue to build and grow this business, in line with the vision of RBA and are excited to work together with the existing management team.”
Separately, Inspira Global plans to inject fresh capital of Rs9bn via a preferential allotment of equity shares and Rs6bn through a preferential allotment of warrants.
These transactions will initiate a mandatory open offer to RBA’s public shareholders in accordance with Indian securities rules.
Restaurant Brands Asia Whole-Time Director and Group CEO Rajeev Varman said: “We are excited to welcome Aayush Agrawal and Inspira Global as our new promoter.
“RBA will continue to operate with its existing leadership team, operational structure and brand identity fully intact as we remain firmly focused on executing our growth plans.”
Earlier this month, Devyani International and Sapphire Foods, both of which run KFC and Pizza Hut franchisees in India, signed a merger agreement. The deal will combine two Yum! Brands franchisees into one of the country’s largest QSR chains.
