Burger King France to Sell Quick Restaurants to H.I.G. Capital
Burger King France to Sell Quick Restaurants to H.I.G. Capital
(Bloomberg) --
Burger King France agreed to sell a group of fast-food outlets operating under the Quick brand to H.I.G. Capital for 240 million euros ($285 million), giving the restaurant operator cash to pay down its debt after lockdown restrictions curbed earnings.
The proceeds will be used to repay an 80-million-euro loan that Burger King France obtained in June 2020 with a guarantee from the French state, according to a statement late Friday. The company put the Quick restaurants up for sale in May.
Burger King France is majority owned by Groupe Bertrand, a restaurant company owned by Olivier Bertrand that operates everything from fast-food outlets to famed Parisian dining spots such as Au Pied de Cochon and Brasserie Lipp.
In 2019, the Quick restaurants generated 227 million euros of sales and earnings before interest, tax, depreciation and amortization of 21 million euros, according to the statement. Closing of the sale is expected by the end of the year.
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