Restaurant Brands International (RBI) has announced a new joint venture with Chinese investment firm CPE to drive Burger King’s next phase of growth in China, marking one of the brand’s most ambitious global expansion initiatives to date. CPE will invest $350 million in primary capital to expand Burger King China’s footprint from approximately 1,250 restaurants to more than 4,000 by 2035.
The deal, expected to close in the first quarter of 2026 pending customary regulatory approvals, will provide significant capital to accelerate restaurant expansion, strengthen marketing, enhance menu innovation, and optimize operations across China. The investment reinforces the RBI’s broader goal of achieving more than 5% net restaurant growth by the end of its 2024–2028 outlook period.
CPE, one of China’s leading alternative asset managers, brings extensive expertise in the consumer and restaurant sectors, as well as a proven track record of scaling global brands within the Chinese market. Following completion of the transaction, CPE will hold an 83% ownership stake in the newly formed Burger King China entity. In comparison, RBI will retain approximately 17% and a seat on the company’s Board of Directors.
The partnership represents a key step in RBI’s strategy to simplify its operations and maintain a primarily franchised business model globally. As part of the deal, a wholly owned affiliate of Burger King China will enter a 20-year master development agreement granting exclusive rights to expand the Burger King brand across China. RBI will begin recognizing royalties from the business in its International segment, ramping up over time to the brand’s full historical royalty rate.
The collaboration builds on recent momentum in Burger King China’s performance, including operational improvements, stronger marketing initiatives, improved sales, and renewed customer engagement. CPE’s capital injection and local expertise are expected to double Burger King China’s restaurant footprint within five years, setting the stage for sustained long-term growth.
Advisors: Morgan Stanley served as the exclusive financial advisor to RBI. Legal counsel for RBI was provided by Kirkland & Ellis and Haiwen & Partners, while Morrison & Foerster and JunHe advised CPE.
KEY QUOTES:
“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 Chinese market. 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.”
Joshua Kobza, CEO, Restaurant Brands International
“Burger King is a world-renowned brand with enduring appeal among Chinese consumers. Our investment reflects our 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.”
Mark Mao, Managing Director, CPE
