International private equity firm, Cinven, today announces that it has signed an agreement to sell its stake in Restaurant Brands Europe (‘RBE’ or the ‘Company’), the master-franchisee of the Burger King®, Popeyes® and Tim Hortons® brands in Spain, the Burger King brand in Portugal, and the Popeyes brand in Italy, to a consortium (the ‘Consortium’) led by Gregorio Jiménez, the founder of RBE. Financial terms of the transaction were not disclosed.

Founded in 1981 and headquartered in Spain, RBE is a leading European multi-brand restaurant group operating across Spain, Portugal and Italy. The Company develops and operates the internationally recognised quick-service restaurant (‘QSR’) brands Burger King®, Popeyes® and Tim Hortons® through a network of over 1,400 company-owned and franchised restaurants.

Since investing in RBE in 2021, Cinven has worked in close partnership with the management team to transform the business, more than doubling EBITDA, including through:
• Accelerated organic and inorganic growth, with the pace of new restaurant openings roughly doubling since 2021, supported by a series of value-accretive add-on acquisitions;
• Successful launch of Popeyes in Spain, which is now approaching 200 stores on the back of rapidly growing brand awareness and strong product appeal, with early signs of similar progress in Italy;
• Significant investment in technology and innovation, including the roll-out of proprietary AI-driven tools across pricing, workforce planning and site selection, increasing productivity and helping to identify whitespace restaurant opportunities across current markets;
• Enhanced digital and delivery capabilities, resulting in significant growth in home delivery sales, the development of a comprehensive loyalty programme with over 12 million registered users, and a Burger King app with over 3 million monthly active users; and
• Investments in the organisation and operating model, including strengthening the management team and developing a fully scalable master-franchise platform with standardised processes across procurement, marketing and operations.

Gregorio Jiménez’s decision to reinvest and lead the Consortium reflects the conviction he holds in RBE’s future and the substantial further potential in the business across its brands and regions.

Jorge Quemada, Co-Managing Partner at Cinven, said:
“RBE has performed strongly during Cinven’s period of ownership, and we are incredibly proud of what we have achieved together with the management team. During this period, we have supported the growth of an iconic brand, Burger King, and built the Popeyes brand into a fast-growing, meaningful presence in Spain and a nascent position in Italy. Together, we have transformed RBE into a truly scalable, technology-enabled platform and the clear QSR leader in Iberia. We wish the business continued success in its next chapter.”

Matteo Corà, Partner at Cinven, added:
“This transaction marks another milestone in Cinven’s Consumer track record and further demonstrates our thematic approach to investing behind consumer megatrends. During our ownership period, we supported the business through a phase of strong growth and are proud of what the team has built. The outcome also reflects the close collaboration between our Consumer sector team and our Iberian regional team.”

Guillermo Jönas, Senior Principal at Cinven, added:
“This transaction is a great example of Cinven’s strategy of partnering with strong founders and management teams to build market-leading businesses. Following the strong growth during Cinven’s ownership period, we are confident RBE is positioned better than ever to continue on this path, and we are pleased to see the Consortium’s continued confidence in the business.”

Borja Hernandez de Alba, CEO of RBE, commented:
“This is an incredibly exciting moment for RBE. Over the past five years, we’ve built something we are very proud of, not just in scale, but in the strength of the team and systems behind it. Cinven has been a true partner throughout this journey, and we’re grateful for their support. We look forward to this new chapter with great ambition and with the confidence that we will continue driving the growth of our brands and strengthening our leadership in the markets where we operate.”

Sell-side advisers were Morgan Stanley & Co. International plc and Altamar Advisory Partners (M&A), Bain & Company (Commercial), Clifford Chance (Legal), EY (Financial and Tax), Deloitte (Structuring), Accenture (Technology) and ERM (ESG).


The transaction is subject to regulatory approvals and other customary closing conditions.