CPE invested $350 million of primary capital to grow Burger King China to over 4,000 restaurants by 2035
Accelerated development at Burger King China furthers RBI's long-term global growth ambitions
MIAMI, Feb. 2, 2026 /PRNewswire/ - Restaurant Brands International Inc. (NYSE: QSR) (TSX: QSR) (TSX: QSP) ("RBI"), the parent company of the Burger King brand, and CPE today announced the completion of their previously announced joint venture, marking an important step forward in Burger King China's next phase of growth.
Upon closing of the transaction, CPE invested $350 million of new primary capital into the joint venture ("Burger King China" or the "Business"), and now owns approximately 83% of the Business, with RBI retaining a 17% minority interest and a seat on the Board of Directors. The partnership combines Burger King's globally iconic brand and products with CPE's deep local market expertise, creating a strong foundation to accelerate growth and enhance the guest experience across China.
A wholly owned affiliate of Burger King China has also entered into a 20-year master development agreement, granting it exclusive rights to develop the Burger King brand in China. Together, CPE and RBI aim to expand Burger King's restaurant network in China from approximately 1,250 restaurants today to more than 4,000 by 2035, while delivering sustainable same-store sales growth through disciplined execution and continued focus on food quality and brand relevance.
Josh Kobza, Chief Executive Officer of Restaurant Brands International, said: "China remains one of the most important long-term growth opportunities for the Burger King brand globally. With CPE as our partner and a clear strategy focused on food quality, restaurant execution, and brand relevance, we believe Burger King China is well positioned to build a high-quality, sustainable business."
About Restaurant Brands International Inc.
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with over $45 billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands - TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.
About CPE
CPE is a leading Asia-based alternative asset manager with a global perspective and approximately US$22 billion in assets under management, operating from key financial hubs including Beijing, Shanghai, Hong Kong, Tokyo, New York and Abu Dhabi, maintaining a strategic presence globally. Pursuing a long-term vision and value investment strategy, CPE provides innovative investment solutions to leading firms from the following three key sectors - technology and industrial, consumer and healthcare, infrastructure. Currently with successful long-term performance, CPE's funds under management are supported by over 200 domestic and international institutional investors across North America, Europe, Asia and the Middle East. The core investment team has completed more than 300 investments globally, enabling the firm to accumulate key sector knowledge and a widespread business network. With a solid investment and research process, strong sector expertise and professional portfolio management capabilities, CPE builds long-term relationships with its portfolios in order to drive their value creation and sustainable growth.
Forward-Looking Statements
This press release includes forward-looking statements, which are often identified by the words "may," "might," "believes," "thinks," "anticipates," "plans," "expects," "intends" or similar expressions and include statements related to expectations regarding the ability to grow Burger King's footprint to more than 4,000 restaurants by 2035 while delivering sustainable same-store sales growth, to accelerate growth, attract talent and advance product innovation, marketing and brand building. These forward-looking statements may be affected by risks and uncertainties in the business of RBI and Burger King China and market conditions, and include, without limitation, the following: risks related to competition, macro-economic factors and general risks of doing business in China, the effectiveness of marketing, advertising and digital programs, ability to successfully implement growth strategies, ability to identify and lease sites that meet brand criteria, unforeseen events, fluctuations in interest and currency exchange rates, tariffs, changes in laws and regulations, and geopolitical conflicts. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by RBI with the U.S. Securities and Exchange Commission and the Canadian securities regulators, including RBI's annual report on Form 10-K for the year ended December 31, 2024. RBI cautions readers that certain important factors may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made herein. RBI does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Restaurant Brands International Inc.
