RBI Partners with Asset Manager CPE in $350M Joint Venture for Burger King China

Restaurant Brands International Inc. (RBI), parent company of Burger King, has officially closed its joint venture agreement with Asia-based asset manager CPE, securing a $350 million capital injection to drive the aggressive expansion of the brand across China.

The transaction marks a significant restructuring of Burger King's operations in one of the world's most critical consumer markets. Under the new terms, CPE has invested new primary capital to acquire an approximate 83% majority stake in the business. RBI retains a 17% minority interest and a seat on the Board of Directors to maintain strategic oversight.

Aggressive Network Expansion: 4,000 Stores by 2035

A core component of the partnership is a newly signed 20-year master development agreement. This contract grants the joint venture exclusive rights to develop the Burger King brand in the region, with ambitious targets to more than triple the current footprint.

The strategic roadmap aims to expand the network from approximately 1,250 restaurants currently to over 4,000 locations by 2035. This growth strategy will be underpinned by "disciplined execution" and a renewed focus on improving same-store sales through food quality and brand relevance initiatives.

Executive Insight: A Key Growth Engine

Josh Kobza, Chief Executive Officer of RBI, framed the deal as a necessary step to unlock the market's long-term potential.

"China remains one of the most important long-term growth opportunities for the Burger King brand globally," Kobza stated. "With CPE as our partner and a clear strategy focused on food quality, restaurant execution, and brand relevance, we believe Burger King China is well positioned to build a high-quality, sustainable business."

Strategic Backing

The partnership combines RBI’s global brand equity with CPE’s deep local market expertise and financial weight. CPE, a leading alternative asset manager with approximately $22 billion in assets under management, brings a track record of investment across the consumer and industrial sectors. The firm operates from key financial hubs including Beijing, Shanghai, and Hong Kong, providing the local infrastructure necessary to navigate the complex Chinese QSR landscape.