Restaurant Brands International (RBI) has announced a joint venture with CPE to unlock the next phase of expansion for the Burger King chain in China. It aims to increase the brand’s footprint in the market from roughly 1,250 units today to over 4,000 by 2035. Upon closing the transaction, anticipated to happen during the first quarter of 2026, CPE will invest $350 million of new primary capital into the business to support restaurant growth, marketing, menu innovation and operations.
Headquartered in Beijing, CPE is a leading Chinese private equity fund and asset manager with a global perspective and proven track record of scaling consumer brands in the PRC. It brings local market insights, operational skill and significant capital to accelerate Burger King China’s growth.
This new chapter is expected to build 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 quick service restaurant chain’s next stage of growth.
This enhanced development gives RBI greater visibility to achieve the previously disclosed 5%+ net restaurant growth target toward the end of its 2024-28 outlook period. In addition, the transaction marks an important step in RBI’s plan to return to a more simplified, highly franchised business.
“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 market,” said Joshua Kobza, chief executive officer of Miami, Florida-headquartered RBI. “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.”
“Burger King is a world renowned brand with enduring appeal among Chinese consumers,” said Mark Mao, managing director of CPE. “Our investment reflects 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 deal, a wholly owned affiliate of Burger King China will sign a 20-year master development agreement, granting it exclusive rights to develop the brand in the PRC. 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.
