Cinven acquires majority stake in Restaurant Brands Iberia for $1.18bn

RB Iberia currently operates around seven Tim Hortons franchised stores in Spain | Photo credit: Tim Hortons 

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UK private equity firm Cinven has acquired a majority stake in Restaurant Brands Iberia (RB Iberia) for $1.18bn. The deal, the largest transaction in the Spanish restaurant industry to date according to Cinven, will see RB Iberia’s founders and Burger King Europe GmbH, continue to be minority shareholders of the company.
 
RB Iberia, part of the Restaurant Brands International group, is the master franchisee for Burger King in Spain, Portugal, Gibraltar and Andorra, and for the Popeyes and Tim Hortons brands in Spain.
 
The company has a presence across Spain, including in key locations such as Madrid, Valencia, Catalonia, and Andalusia, with a portfolio of more than 500 of its own restaurants, and around 500 franchised restaurants across the Burger King, Popeyes and Tim Hortons brands. 
 
World Coffee Portal data shows Tim Hortons closed 11 stores in Spain during 2020 with the Canadian coffee chain now operating around seven stores across the country.
 
“Cinven’s investment represents an important catalyst to the company’s growth plan over the coming years. In addition, it provides a significant financial boost, which will contribute to the development of the ambitious growth plans for our brands in Spain and Portugal and guarantees the continuity of the group's growth rate to position itself as a leader in the sector in southern Europe,” said Gregorio Jiménez, Founder and CEO, RB Iberia.
 
Founded in 1977, UK-based Cinven has investments across business services, consumer brands, healthcare, industry and technology companies. According to a press release, Cinven sees a ‘substantial opportunity’ to grow the Burger King, Popeyes and Tim Hortons brands in Spain. The investment period for its portfolio companies is typically ‘four to five years’, according to its website.