Affinity buys Burger King Korea
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Burger King Korea has been snapped up by private equity investors.
Affinity Equity Partners has completed the buyout of the Korean business of the US fast food brand for 210 billion won (US$183.3 million), after agreeing to terms in February. The vendor was VIG Partners.
Affinity is already planning to open new outlets as a first step in increasing sales.
Meanwhile, Korean news media report rival fast food chain McDonald’s is seeking a strategic partner to run the local operation and speed up its network expansion.
“We’re committed to Korea for the long-term and intend to combine our global brand with local insights and expertise,” said Steve Easterbrook, McDonald’s CEO and president.
“This gives us the ability to enable faster decision-making, achieve restaurant growth and deliver a great restaurant experience for our customers in Korea.”
Questions & Answers
Q.Which company has acquired Burger King's Korean operations?
Which company has acquired Burger King's Korean operations?
Affinity Equity Partners, a private equity investor, has completed the buyout of Burger King Korea. They acquired the business from the previous vendor, VIG Partners, for 210 billion won.
Q.What are Affinity Equity Partners' immediate plans for Burger King Korea?
What are Affinity Equity Partners' immediate plans for Burger King Korea?
Affinity Equity Partners plans to open new outlets as a first step. This strategy is intended to increase sales for the Burger King business in Korea following their acquisition.
Q.Why is McDonald's seeking a strategic partner for its Korean operations?
Why is McDonald's seeking a strategic partner for its Korean operations?
McDonald's is looking for a strategic partner to help run its local operation. The aim is to speed up its network expansion and enable faster decision-making for restaurant growth in Korea.
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