Clifford Chance advises Restaurant Brands Iberia, a Cinven portfolio company, on the acquisition of 158 Burger King restaurants from lbersol


Clifford Chance advised Restaurant Brands Iberia (RB Iberia), the group which holds the master franchise rights for the Burger King brand in Spain, Portugal, Gibraltar and Andorra, and for the Popeyes and Tim Hortons brands in Spain, in as part of its agreement with Ibersol for the purchase of 158 Burger King restaurants located in Portugal and Spain.

The transaction involves the integration of 121 restaurants in Portugal and 37 in Spain, which will bring the number of restaurants owned by RB Iberia to 775 – of which 722 are Burger King restaurants – and the integration of 4,000 new employees. Following the acquisition, the group will manage 65% of Burger King restaurants in Spain. With a turnover of 637 million euros in 2021 and 30,000 employees between its offices, owner restaurants and franchisees, RB Iberia thus becomes the largest catering operator in Spain.

In addition, the group will operate 90% of Burger King restaurants in Portugal, assuming the leadership of brand development in the Portuguese market, of which Ibersol was the main franchisee.

Previously, the firm advised international private equity firm Cinven in connection with the agreement reached with RB Iberia shareholders (the founding families and Burger King Europe) on its acquisition of a majority stake in the share capital of RB Iberia. Valued at over €1 billion, the investment represents the largest transaction in the Spanish restaurant sector to date and marks Cinven’s entry into the growing fast food market in the Iberian Peninsula. .

Clifford Chance’s multidisciplinary team advising RB Iberia was led by partner Samir Azzouzi, assisted by senior partner Javier Olabarri and partner Patricia Puertas (Corporate / M&A). The team also included senior partner Jorge Martín-Fernández (Employment) as well as attorney Begoña Barrantes and partners Paula Valenciano and Sara Selma (Antitrust). The Clifford Chance team was supported by CS’Associados on the Portuguese legal aspects of the transaction.


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