Burger King forms joint venture in France
by Eric Schroeder
MIAMI — Burger King Worldwide, Inc. has established a joint venture with Groupe Olivier Bertrand and private equity firm Naxicap Partners to develop and expand the Burger King brand’s presence in France. Groupe Olivier Bertrand is a multi-brand restaurant group with approximately 250 restaurants throughout France.
Under the terms of the partnership, the joint venture has signed a long-term master franchise and development agreement that includes sub-franchise rights for all of France. The joint venture’s initial plans include the establishment of Burger King restaurants across France and the creation of more than 1,200 new job opportunities in the first year alone.
“France is one of the largest quick-service restaurant markets in Europe, and we have been waiting to find the perfect partner that shares our dream of growing our brand here in the right way,” said Jose Cil, president of Europe, Middle East and Africa for Burger King. “We found that with Olivier Bertrand and his restaurant group and team. Its reputation and savvy in the restaurant community in France is second to none. Groupe Olivier Bertrand’s operating capabilities and significant experience within the food and beverage space, along with Naxicap’s expertise in capital growth markets, make them the ideal partners for our expansion in France.”
Olivier Bertrand, president of Groupe Olivier Bertrand, called the development objective “an ambitious one.”
“We have our sights set on a 20% share of the French quick-service restaurant market and product leadership in the fast-food hamburger segment,” Mr. Bertrand said. “The nation’s enthusiasm for the unique taste and freshness of the Whopper sandwich and additional Burger King sandwiches is reflected in the success of the brand’s first new restaurant to re-enter the French market, which opened at the end of 2012.”
The Olivier Bertrand group, owned by Bertrand Holding Co., had sales of nearly €400 million in 2012.
Naxicap has about €1.5 billion of capital under management and is among the top French operators for capital growth in the small to midcap sector.