The licensee of Burger King, Popeyes and Tim Hortons in Spain and Portugal will seek a valuation in the region of $2.7bn
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Restaurant Brands Iberia currently operates 15 Tim Hortons stores across Spain | Photo credit: Restaurant Brands Iberia
Restaurant Brands Iberia (RBI), which operates Tim Hortons coffee shops alongside fast-food chains Burger King and Popeyes in Spain and Portugal, is reportedly preparing an IPO on the Madrid Stock Exchange for the second half of 2024.
The Madrid-based restaurant group is seeking a €2.4bn ($2.7bn) valuation, according to Spanish news outlet Expansion.
“We will push ahead with the plan to take the group public in the second half of 2024. The roadmap is already set, though no advisers have been hired yet,” RBI Chairman Gregorio Jimenez is quoted as saying.
Jimenez began operating licensed Burger King stores in Spain in 1981 via his previous company, Quickmeals. He formed Restaurant Brands Iberia in 2017 after becoming the master franchisee for Canadian coffee chain Tim Hortons in Spain and Portugal.
The group added Popeyes to its portfolio in 2019 and began scaling Tim Hortons via franchise partnerships later that year. RBI currently operates 15 Tim Hortons stores across Spain, the latest of which opened at Valencia airport in February 2023.
The coffee chain contributed €3.7m ($4.1m) to RBI’s €840m ($938m) 2022 revenues, considerably less than Burger King and Popeyes, which posted sales of €777m ($868m) and €59.4m ($66m) respectively.
RBI currently operates more than 1,000 Burger King restaurants and nearly 90 Popeyes stores across Spain and Portugal.