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Gen Atlantic, Advent Int soon to acquire Everstone's Burger King stake

As of March 31, Burger King and its sub-brand BK Cafe together had a total of 391 restaurants in the country. BK Cafe is engaged in the business of serving coffee and beverages to its customers

Burger King

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BS Web Team New Delhi

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General Atlantic and Advent International have reached the final discussions to acquire a 40 per cent stake in Restaurant Brands Asia (RBA) which is owned by the private equity firm Everstone Capital, The Economic Times (ET) reported. Notably, RBA operates the popular fast-food chain Burger King in India.

Quoting an official aware of the matter, the ET report said, "Everstone, which also operates Subway and Lavazza coffee in India, is looking to cash out from its stake in Burger King, and is now actively engaged in due diligence with private equity firms General Atlantic and Advent."

For the quarter that ended on March 31, 2023, RBA incurred losses of Rs 73.3 crore, which was more than the loss of Rs 67 crore it reported a year ago, the report said. The losses were attributed to the increased costs of food items and the opening of newer stores.

On the other hand, the revenue from operations grew by more than 28 per cent year-on-year (YoY) to reach Rs 514 crore.

As of March 31, Burger King and its sub-brand BK Cafe together had a total of 391 restaurants in the country. BK Cafe is engaged in the business of serving coffee and beverages to its customers.

Advent International and General Atlantic are private equity firms that focus on companies in Asia, Europe, and North America. Everstone Capital already holds a stake in RBA via QSE Asia Pte Ltd, its subsidiary investment firm.

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First Published: May 29 2023 | 1:05 PM IST

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