Burger King France in talks to buy Quick
LONDON, Sept 28 (Reuters) - Burger King France's majority shareholder Groupe Bertrand has started exclusive negotiations to buy French chain Quick, a deal that would make it the second biggest fast food restaurant in France, behind market leader McDonald's.
No financial terms were given for the deal in the joint statement from Groupe Bertrand and Qualium.
Burger King France has 25 restaurants and posted revenues of 100 million euros in 2014 -- a fraction of Quick's 1.029 billion euros in revenues for the same period and 509 restaurants.
The acquisition of Quick from majority shareholder Qualium Investissement would signal an important step in Burger King's revival in France. It only reopened there in 2013, having left in 1997, selling a large number of its restaurants to Quick.
If the deal goes through Quick restaurants in France would be rebranded as Burger King, while those in Luxembourg, Belgium and outside Europe would keep their original name, the companies said in a statement.
Restaurant Brands International, the owner of the Burger King brand, has a minority stake in the French franchise.
The acquisition could close by year end and is subject to the approval of competition authorities and bondholders, as well as a consultation with employee representative bodies.
Qualium had tried to sell Quick in 2010 but pulled the process when offers did not match its price expectations.
Quick is 94 percent owned by Qualium, with management holding the remaining 6 percent, said a spokesperson for the private equity fund. (Reporting by Emiliano Mellino, editing by William Hardy)
© Thomson Reuters 2017 All rights reserved.