MIAMI and BOGOTA, Colombia – Burger King Worldwide announced a new franchise development deal that will create 100 new restaurants within the next five years in Colombia.
Promotora and its private equity fund, Fondo Escala, agreed to acquire a majority stake in Kinco, S.A.S., a franchisee of Burger King Worldwide.
“This is a great opportunity for our fund to invest in a high growth potential business that represents a worldwide successful brand such as Burger King with its superior quality products,” said Francisco Mira, president of Promotora.
Burger King Worldwide has had a business presence in Colombia since 2008. The Burger King brand has a strong consumer following throughout Latin America and the Caribbean with a presence in 29 countries across the region and approximately 1,250 restaurants in the region, according to the company.
"Colombia’s economy is thriving and we believe this is a valuable market in our strategic mission to expand our footprint in the Latin America and Caribbean region,” said Jose Tomas, president, Latin America and Caribbean, Burger King Worldwide. “There is a tremendous opportunity to grow the Burger King brand in Colombia and this deal is an important step in realizing that opportunity."