MoFo Advises CPE on its Strategic Partnership to Form a Joint Venture with RBI for Burger King China

Morrison Foerster is advising CPE on its strategic partnership to form a joint venture (“Burger King China”) with Restaurant Brands International Inc. (RBI) (NYSE: QSR/TSX: QSR), to reignite growth at Burger King in China. This is one of the latest high-profile private equity-led deals in Asia’s consumer sector this year, which also includes Affinity Equity Partners’ sale of Burger King Japan, on which MoFo also advised.

Upon closing, CPE will invest $350 million of new primary capital into the joint venture to support Burger King China’s restaurant expansion, marketing, menu innovation, and operations in one of the world's fastest-growing consumer markets. Following completion of the transaction, CPE will own approximately 83% of the Business and RBI will hold a minority ownership position of approximately 17%. The joint venture aims to expand the brand's footprint in the market from roughly 1,250 restaurants today to over 4,000 by 2035.

CPE is a leading Asia-based alternative asset manager with a global perspective and approximately US$22 billion in assets under management, operating from key financial hubs including Beijing, Shanghai, Hong Kong, Tokyo, New York and Abu Dhabi, maintaining a strategic presence globally. RBI is one of the world's largest quick service restaurant companies with over $45 billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries and territories.

MoFo’s deal team is co-led by PE/M&A partner Xiaoxi Lin (Hong Kong) and M&A and Technology Transactions partner Chuan Sun (Shanghai/Hong Kong), supported by PE/M&A partner Joseph Sulzbach (New York); Technology Transactions of counsel Tyler Xiu (Hong Kong), and PE/M&A associates Ziqi Qi (Hong Kong), Ferdinand Loo (Hong Kong), and Siyu Gao (Shanghai).