Burger King's $350M China Joint Venture Draws Armistice Capital, Other Institutional Investors

"CPE committed $350 million in new capital to Burger King China, funding planned investment in additional locations, brand marketing, product development, and day-to-day management. The joint venture aims to double the brand's restaurant count within five years, positioning Burger King to capture growth in one of the world's fastest-expanding consumer markets. "China remains one of the most exciting long-term opportunities for Burger King globally," said Joshua Kobza, CEO of Restaurant Brands International."

"Restaurant Brands International announced a joint venture with Chinese alternative asset manager CPE in November 2025, setting a target to grow Burger King's presence in China from roughly 1,250 locations to above 4,000 within the next decade. The Toronto-based quick-service restaurant operator reported third-quarter 2025 revenue of $2.45 billion, exceeding analyst estimates of $2.40 billion, driven by international expansion and Tim Hortons performance."

Restaurant Brands International partnered with Chinese alternative asset manager CPE in November 2025 to accelerate Burger King China expansion from roughly 1,250 locations toward more than 4,000 over the next decade. CPE committed $350 million to fund new restaurants, brand marketing, product development, and daily operations, with a goal to double restaurant count within five years. Third-quarter 2025 revenue reached $2.45 billion, surpassing analyst estimates and driven by international growth and Tim Hortons performance. Institutional investors, including Armistice Capital, Vanguard Group, Royal Bank of Canada, and Pershing Square, hold significant positions.

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