Restaurant Brands International to form joint venture for Burger King China to accelerate expansion

Restaurant Brands International on Monday announced that it will form a joint venture with CPE, a Chinese alternative asset manager, to run Burger King’s restaurants in China.

Earlier this year, a subsidiary of Restaurant Brands acquired its equity interests from its previous Burger King China partners, Turkish-based operator TFI and U.S.-based private equity firm Cartesian Capital, for roughly $158 million in cash. At the time, the company said it planned to find a local operator as a partner.

Under the terms of the deal, CPE will own roughly 83% of Burger King China. Restaurant Brands will hold a minority stake of about 17%, along with a seat on the board of directors.

When the deal closes, CPE plans to invest $350 million into the joint venture. That investment will go toward a number of areas, from marketing to menu innovation, as well as restaurant expansion. Over the next decade, the joint venture aims to more than double the burger chain’s footprint in the market, from about 1,250 locations today to more than 4,000 by 2035.

“CPE is a well-capitalized, proven operator with exceptional leadership and extensive consumer and restaurant experience, making them an ideal partner to fuel the next chapter of Burger King China’s growth,” Restaurant Brands CEO Josh Kobza said in a statement.

The deal is expected to close in the first quarter of 2026, pending regulatory approval.

For decades, China’s massive population and fast-growing economy have made it an attractive market for U.S. companies, including restaurant chains. But in recent years, an economic slowdown have made some companies rethink their strategies. A week ago, Starbucks announced plans to form its own joint venture for its China business with Boyu Capital, a local alternative asset management firm.