New York City-based 3G Capital, which bought Burger King in the fall of 2010, is led by three Brazilians. So it seems only fitting that the company has located a master franchisee to grow the brand by up to 900 units Brazil within the next five years.
A new affiliate of Vinci Partners, the private equity firm in Brazi backing the venturel, is expected to be Burger King's master franchisee in Brazil and will assume responsibility for the management and development of the BK business there.
"We believe there is tremendous opportunity to grow the Burger King brand in Brazil," said Jose Tomas, president, BKC Latin America and Caribbean. "I look forward to working closely with our master franchisee on their development plans and am confident they will drive aggressive growth to rapidly expand our footprint in Brazil."
The current general manager for Brazil, Iuri Miranda, is expected to assume the newly created role of CEO.
"I am thrilled to be leading the Burger King brand during this period of exciting growth in Brazil," he said. "The establishment of this joint venture with BKC will better position us to expand the brand's presence across the country and will allow more Brazilians the opportunity to experience our 'Have It Your Way' brand promise."
The creation of this new company is the latest investment by Vinci Partners' new private equity fund, which has recently made other investments in Brazil and does not involve capital expenditures by BKC.
BKC entered Brazil in 2004 and there are currently 108 franchise-owned restaurants in the country.
According to Market Watch, a Brazilian newspaper, Valor Economico, reported that the quick-service chain will invest up to $570 million to grow in Brazil within the next five years, which could yield up to 900 new units and 25,000 jobs.
