Burger King owner Restaurant Brands International (RBI) has ended its previously announced joint venture (JV) with Chinese investment company CPE, reshaping the brand’s ownership structure in the country.

The deal closes more than two months after RBI and CPE signed an agreement to accelerate Burger King’s expansion in China.

With the completed transaction, CPE has provided $350 million in new primary equity to the JV.

The entity now owns 83% of the capital, while RBI maintains a minority stake of 17% and a seat on the board of directors.

In a statement, RBI said the JV combines Burger King’s “globally iconic brand and products” with CPE’s “deep local market expertise”.

The structure is designed to support faster restaurant deployment and improve the customer experience across the market.

Alongside the JV, a wholly owned subsidiary of Burger King China has signed a 20-year master development agreement.

This gives it exclusive rights to establish and operate the Burger King brand throughout mainland China.

CPE and RBI have set a target to expand the number of Burger King stores in China from approximately 1,250 outlets to more than 4,000 by 2035.

His plans also include driving sustained same-store sales growth through a focus on execution, food standards and maintaining brand relevance.

Restaurant Brands International CEO Josh Kobza said: “China remains one of the most important long-term growth opportunities for the Burger King brand globally.

“With CPE as a 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 sustainable and high-quality business.”

“RBI and CPE finalize Burger King China JV” was originally created and published by Verdict Food Servicea trademark owned by GlobalData.

The information on this site has been included in good faith for general informational purposes only. It is not intended to be advice on which you should rely, and we make no representations, warranties or guarantees, either express or implied, as to its accuracy or completeness. You should obtain professional or specialist advice before taking or refraining from any action based on the content of our site.