Restaurant Brands International (RBI) has secured a US$350 million investment for the Burger King China business as part of its newly signed joint venture with CPE.

CPE is a leading Chinese alternative asset manager with a proven track record of scaling consumer brands in China. 

The primary capital from CPE will support Burger King’s restaurant expansion, marketing, menu innovation, and operations in China.

The joint venture aims to expand the brand’s footprint in the market from roughly 1250 restaurants today to more than 4000 by 2035.

“China remains one of the most exciting long-term opportunities for Burger King globally,” said Joshua Kobza, CEO of RBI. “Our recent investments and this joint venture underscore our confidence in the Chinese market.”

“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,” Kobza added.

Following completion of the transaction, expected to be in next year’s first quarter, CPE will own approximately 83 per cent of Burger King China, and RBI will hold approximately 17 per cent. 

Under the terms of the deal, 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 the market.

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. The company targets a 5 per cent plus net restaurant growth toward the end of its 2024–2028 outlook period. 

The transaction comes after RBI took control of its Burger King China business for approximately $158 million in February.