Burger King forms new JV in China, to open 1,000 restaurants
16 Jun 2012
Burger King Worldwide Holdings Inc has formed a joint venture in China and plans to open 1,000 of its namesake restaurants in the world's fastest growing major economy over the next five to seven years
The JV has been inked with Turkey's Kurdoglu family – a long-time Burger King master franchisee and New York-based private-equity firm Cartesian Capital Group LLC, with exclusive right to expand Burger King chain of outlets from the present 63 to 1,000 in the next five to seven years.
Burger King, the world's second largest hamburger chain, said that the deal represents the company's largest multi-unit development agreement and will make the Kurdoglu family, its largest international franchisee.
The Kurdoglu family's TAB Gida Industry & Trade Co operates more than 450 Burger King outlets in Turkey. It also operates Sbarro, Popeyes and Arby's restaurant chain in Turkey.
Miami-based Burger King, which has more than 12,500 restaurants worldwide, of which about 90 per cent are franchised, is following the path taken by other US restaurant chains like McDonald's Corp, Yum Brands and Starbucks, who also have plans to open hundreds of outlets in China in the coming years.
McDonald's already has more than 1,400 restaurants in China.