BURGER KING IN MEXICO acquired by ALSEA
Context
Alsea completed the acquisition of the Burger King master franchise in Mexico on 1 April 2013, concluding the process in accordance with the antitrust‑approval and the joint‑venture agreement with Burger King Worldwide (BKW). Under the transaction, BKW’s Mexican subsidiary was merged into Operadora de Franquicias Alsea S.A. de C.V. (OFA), an existing Alsea‑owned Burger King‑operating vehicle, which became the combined entity managing 204 Burger King restaurants in the country. As part of the deal, Alsea acquired an additional 28.1% of OFA’s outstanding shares previously held by BKW, increasing its ownership in OFA to 80%, while BKW retained a 20% minority stake.
BURGER KING IN MEXICO, which reported an EBITDA margin of in 2013, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (10.9x).
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Target
The Mexican Burger King master franchise, operated through Operadora de Franquicias Alsea S.A. de C.V. (OFA), is the exclusive operator and master franchisee of Burger King restaurants in Mexico. OFA manages a network of 204 Burger King outlets, combining company‑owned and franchised sites under the Burger King brand, which is one of the largest fast‑food hamburger chains in the world. The platform benefits from the global brand recognition of Burger King, strong supply‑chain integration with Alsea’s shared‑service infrastructure, and a proven template for rapid store roll‑out and operational efficiency in the Mexican market.
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REFERENCES
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Press release: view release
Acquirer: alsea