Burger King France Shareholders Announce the Proposed Acquisition of Quick Group
Will Become the Second Largest QSR Chain in France
Groupe Bertrand, the majority shareholder of Burger King France, and Qualium Investissement, the owner of Quick Group, signed an offer letter for Burger King France to acquire Quick, the owner of the QUICK® fast food hamburger chain. Burger King France, the master franchisee of the BURGER KING® brand in France, intends to convert Quick restaurants in France to BURGER KING® restaurants over time.
Daniel Schwartz, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") (TSX/NYSE: QSR, TSX: QSP), stated, "As a shareholder of Burger King France, we applaud Olivier Bertrand and Groupe Bertrand in their efforts to acquire Quick. The transaction will significantly accelerate our BURGER KING® restaurant growth in France, a key strategic market for the brand. Burger King France, our master franchise joint venture in France, has achieved great success over the past two years, building restaurants with average annual sales of €5 million, one of the highest levels in the world, and expects to have approximately 50 restaurants in the country by year end."
Josh Kobza, Chief Financial Officer of RBI, added, "This transaction represents a significant step forward for Burger King France, which will have more than 500 restaurants and €1 billion of system sales following the transaction. Following the conversion, BURGER KING® is expected to be the #2 QSR brand in France, and France will become one of the largest markets for BURGER KING® globally. The transaction highlights the strength of our partnership with Groupe Bertrand and the master franchise joint venture model to accelerate the pace of our growth around the world."
Subject to regulatory, shareholder and bondholder approvals, the proposed transaction is estimated to close by the end of 2015.
Restaurant Brands International Inc. ("RBI") is one of the world's largest quick service restaurant companies with over $23 billion in system-wide sales and over 19,000 restaurants in approximately 100 countries and U.S. territories. RBI owns two of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS® and BURGER KING®. These independently operated brands have been serving their respective guests, franchisees and communities for over 50 years.
Burger King France is a BURGER KING® master franchise joint venture partner that develops and operates BURGER KING® restaurants in France. The company is primarily owned by Groupe Bertrand, a French entrepreneurial family group. Restaurant Brands International Inc., the owner of the BURGER KING® brand, retains a minority stake in Burger King France. As of September 28, 2015, Burger King France operated 26 BURGER KING® restaurants in France. The company was formed in 2013 and is headquartered in Paris, France.
Quick is a European QSR group operating mainly in France, Belgium and Luxemburg. The company is owned by Qualium Investissement, a leading private equity firm in France. As of September 28, 2015, Quick operated 509 restaurants in France, Belgium, Luxemburg and outside of Europe. In 2014, Quick served 200 million customers and generated system-wide sales of €1.0 billion. The company was founded in 1967 and is headquartered in Antwerp, Belgium.
Groupe Bertrand is a family group led by founder Olivier Bertrand that develops and operates restaurants, hotels and beverage distribution companies. Within the restaurant sector, Groupe Bertrand operates luxury dining, traditional dining, quick service restaurants and concession stands. The firm is the majority shareholder of Burger King France, a BURGER KING® master franchise joint venture partner. Notable brands owned by Groupe Bertrand include BURGER KING®, Au Bureau, Café Leffe, Angelina, Brasserie Lipp, Le Saint-James Paris and The Relais Christine. Groupe Bertrand was founded in 1997 and is headquartered in Paris, France
Daniel Schwartz, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") (TSX/NYSE: QSR, TSX: QSP), stated, "As a shareholder of Burger King France, we applaud Olivier Bertrand and Groupe Bertrand in their efforts to acquire Quick. The transaction will significantly accelerate our BURGER KING® restaurant growth in France, a key strategic market for the brand. Burger King France, our master franchise joint venture in France, has achieved great success over the past two years, building restaurants with average annual sales of €5 million, one of the highest levels in the world, and expects to have approximately 50 restaurants in the country by year end."
Josh Kobza, Chief Financial Officer of RBI, added, "This transaction represents a significant step forward for Burger King France, which will have more than 500 restaurants and €1 billion of system sales following the transaction. Following the conversion, BURGER KING® is expected to be the #2 QSR brand in France, and France will become one of the largest markets for BURGER KING® globally. The transaction highlights the strength of our partnership with Groupe Bertrand and the master franchise joint venture model to accelerate the pace of our growth around the world."
Subject to regulatory, shareholder and bondholder approvals, the proposed transaction is estimated to close by the end of 2015.
Restaurant Brands International Inc. ("RBI") is one of the world's largest quick service restaurant companies with over $23 billion in system-wide sales and over 19,000 restaurants in approximately 100 countries and U.S. territories. RBI owns two of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS® and BURGER KING®. These independently operated brands have been serving their respective guests, franchisees and communities for over 50 years.
Burger King France is a BURGER KING® master franchise joint venture partner that develops and operates BURGER KING® restaurants in France. The company is primarily owned by Groupe Bertrand, a French entrepreneurial family group. Restaurant Brands International Inc., the owner of the BURGER KING® brand, retains a minority stake in Burger King France. As of September 28, 2015, Burger King France operated 26 BURGER KING® restaurants in France. The company was formed in 2013 and is headquartered in Paris, France.
Quick is a European QSR group operating mainly in France, Belgium and Luxemburg. The company is owned by Qualium Investissement, a leading private equity firm in France. As of September 28, 2015, Quick operated 509 restaurants in France, Belgium, Luxemburg and outside of Europe. In 2014, Quick served 200 million customers and generated system-wide sales of €1.0 billion. The company was founded in 1967 and is headquartered in Antwerp, Belgium.
Groupe Bertrand is a family group led by founder Olivier Bertrand that develops and operates restaurants, hotels and beverage distribution companies. Within the restaurant sector, Groupe Bertrand operates luxury dining, traditional dining, quick service restaurants and concession stands. The firm is the majority shareholder of Burger King France, a BURGER KING® master franchise joint venture partner. Notable brands owned by Groupe Bertrand include BURGER KING®, Au Bureau, Café Leffe, Angelina, Brasserie Lipp, Le Saint-James Paris and The Relais Christine. Groupe Bertrand was founded in 1997 and is headquartered in Paris, France
