RBI and CPE Join Forces to Drive Massive Burger King Expansion in China

Restaurant Brands International Inc. (NYSE: QSR) (TSX: QSR) (TSX: QSP) ("RBI") announced a joint venture with CPE to unlock the next phase of growth for Burger King in China. The joint venture aims to expand the brand's footprint in the market from roughly 1,250 restaurants today to over 4,000 by 2035.

Upon close of the transaction, CPE will invest USD 350 millions of new primary capital into the joint venture ("Burger King China" or the "Business") to support restaurant expansion, marketing, menu innovation, and operations in one of the world's fastest-growing consumer markets.

CPE is a leading Chinese alternative asset manager with a global perspective and a proven track record of scaling consumer brands in China. It brings deep local market insights, operational excellence, and significant capital to accelerate Burger King China's growth. 

This new chapter builds on the strong momentum the Burger King China team has driven in recent months, with a sharper focus on operations, elevated marketing, improving sales, and renewed guest engagement, creating a strong foundation for the brand's next stage of growth.

CPE's investment sets the stage for Burger King China to ramp up development over time, doubling its restaurant count within five years and expanding to more than 4,000 locations by 2035. This accelerated development gives RBI greater visibility to achieve its previously disclosed 5%+ net restaurant growth target toward the end of its 2024–2028 outlook period. In addition, the transaction marks an important step in RBI's plan to return to a more simplified, highly franchised business.

Joshua Kobza, CEO of RBI:

"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-capitalized, 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."

Mark Mao, Managing Director of CPE:

"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."

Following completion of the transaction, CPE will own approximately 83% of the Business and RBI will hold a minority ownership position of approximately 17% along with a seat on the Board of Directors. This aligns with RBI's strategy of working with experienced local operators and investors to drive profitable growth while maintaining a primarily franchised business model globally. 

Under the terms of the transaction, a wholly owned affiliate of Burger King China will sign a 20-year master development agreement, granting it exclusive rights to develop the Burger King brand in China. 

Following the transaction, RBI will begin recognizing royalties from the Burger King China business in its international segment, with a step up to the business's full historical royalty rate over time. 

The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals.