Affinity Sells 'Burger King Japan' to Goldman Sachs

100% Stake Sold for 78.5 Billion Yen on November 13
Sales Soared 290-Fold in 7 Years... Now 3rd in Japan's Burger Market

Global private equity fund Affinity Equity Partners (hereinafter "Affinity") announced on November 18 that it had signed a share purchase agreement (SPA) on November 13 in Tokyo, Japan, to sell 100% of its stake in Burger King Japan to the Alternative Investments Division of Goldman Sachs. The sale is reported to be valued at 78.5 billion yen (approximately 750 billion won). As a result, Affinity will retain only Burger King Korea (100% stake), which it acquired from VIG Partners in 2016.

In 2017, Affinity made its first investment in Japan and entered into a master franchise development agreement (MFDA) with RBI Global in a greenfield format, giving it exclusive operating rights for Burger King in Japan. After acquiring the franchise rights, Affinity pursued strategies such as aggressive store expansion, strengthening store competitiveness, and enhancing customer experience. Prior to Affinity's acquisition, Burger King had failed twice to enter and expand in the Japanese market.

Following Affinity's acquisition, Burger King Japan’s sales grew 290-fold over seven years, and the number of stores increased from 8 to 310. The brand achieved the top spot as the most popular burger brand and the most delicious burger brand in Japan, and 70% of its transactions now take place through digital channels, making it a leading digital store. Currently, McDonald's dominates the Japanese burger market with approximately 3,005 stores, followed by Mos Burger (1,311 stores), Burger King (310 stores), and Lotteria (162 stores).

Min Byungchul, Country Head of Affinity Equity Partners Korea, stated, "Burger King Japan is an investment case that demonstrates Affinity's capabilities and expertise in innovating and expanding consumer platforms through operational excellence and digital innovation. We are very pleased that, through Affinity’s systematic value creation platform, we were able to revitalize a once-declining brand and elevate it to the highest level in the industry."

Yonhap News Agency

Meanwhile, Goldman Sachs has signaled an aggressive growth strategy following the acquisition. The company plans to triple Burger King Japan’s sales to 120 billion yen (approximately 1.13 trillion won) by 2028, aiming to surpass Mos Burger, which currently holds the number two position in the market.

This content was produced with the assistance of AI translation services.