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Private equity firm Everstone is set to sell its entire 11.26% stake in Restaurant Brands Asia, the master franchisee of Burger King in India and Indonesia. The deal is expected to be announced soon, according to sources. Everstone’s stake, held through QSR Asia Pte Ltd, is currently valued at around $57 million. Restaurant Brands Asia has a market value of about $437 million in Mumbai.
As part of the transaction, Restaurant Brands Asia will bring in a new strategic investor. Sources said the family office of the founders of Ajanta Pharma is likely to invest in the company and could infuse up to ₹8 billion ($88 million). The family office also operates other restaurant businesses.
The exact stake to be acquired by the Ajanta Pharma promoters is not yet known, but they may consider increasing their holding to a majority stake over time as other shareholders exit.
Last week, Restaurant Brands Asia informed stock exchanges that it would hold a board meeting to consider raising funds, without sharing further details.
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