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PNC Financial Services Group Inc.'s private equity arm, PNC Riverarch Capital, has acquired a controlling stake in Goldco LLC, one of the 10 largest Burger King franchisees in the U.S.
According to Dow Jones & Company, Goldco operates Burger King restaurants in Florida, Alabama and Georgia.
Terms of the acquisition were not disclosed. An SEC filing showed, however, that the deal equated to more than $50 million.
Michael Hand, managing director of PNC Riverarch, told Dow Jones that the company likes the franchisee's growth opportunity and the quick-service industry's resiliency against fickle economies.
PNC Riverarch hopes to expand Goldco's footprint through more acquisitions, namely in the South. Goldco recently acquired 33 units in Florida from Burger King Worldwide Inc., expanding its portfolio to 96 total units.
Burger King China picks Pepsi over Coke
In other Burger King news, the brand's China system has partnered with Pepsi Beverage Business to make Pepsi the strategic beverage supplier for all Burger King restaurants in mainland China.
According to FoodBev.com, China is projected to become the world's largest food/beverage market by 2015.
The Burger King U.S. system sells Coca-Cola products.
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