RBE announces change of control and continuity for its brand network

Restaurant Brands Europe (RBE), which operates Burger King, Popeyes and Tim Hortons in Spain, Portugal and Italy, has announced a deal that will give a consortium led by Gregorio Jiménez a 51% stake. For the franchise community, the central message is continuity: the company says it will retain its business model and the current management team’s strategy.

A change of control led by the executive chairman

The deal announced on 6 November puts RBE’s executive chairman and founder, Gregorio Jiménez, at the head of the investor group taking majority control following Cinven’s exit. According to reporting by La Información, based on Europa Press coverage, the transaction is worth more than €2.3 billion.

The new ownership structure includes Grupo Costa, the Costa Cerezuela family’s holding company, and investment management firm Point Break Capital Management. Private investors also include Santiago Jiménez and Fernando Núñez, the latter representing Grupo Ibérica.

Restaurant Brands International (RBI), the brands’ parent company, has backed the deal and reaffirmed its confidence in RBE’s strategy. That support accompanies the company’s commitment to continuity: the ownership change is not being presented as a replacement of the management team or the introduction of a different operating model.

A network combining company-owned and franchised restaurants

RBE’s scale puts the news into a broader context than Burger King in Spain alone. The group operates three brands — Burger King, Popeyes and Tim Hortons — across three countries: Spain, Portugal and Italy.

According to the figures in the announcement, it has more than 1,150 company-owned restaurants within a network of over 1,400 outlets. It directly employs more than 26,000 people, while employment across the wider network exceeds 42,000.

These figures cover the group as a whole, not just its Spanish operations. They also show that company-operated restaurants account for the majority of a network that combines company-owned and franchised outlets.

That distinction matters when assessing the change of control. The deal affects the operator’s ownership; the continuity announcement concerns RBE’s business model and growth strategy. It does not, in itself, mean changes to the terms governing each franchised outlet.

Sales growth and financing for the deal

The ownership change follows several years of business growth at RBE. Its sales rose from €282 million in 2017 to €1.541 billion in 2025, more than five times the starting figure. Over the same period, earnings before interest, tax, depreciation and amortisation (EBITDA) increased from €52 million to €245 million.

The acquisition will be supported by a €1.4 billion loan from Santander CIB, JPMorgan and BBVA, according to the company announcement. Santander CIB and JPMorgan have also acted as financial advisers to the buying consortium, while A&O Shearman has provided legal advice.

The transaction financing and operating results are distinct figures: the loan supports the acquisition, while sales and EBITDA describe the business’s performance. The published figures should not be interpreted as investment earmarked entirely for new openings.

Announced continuity and next steps

The company says the deal safeguards the continuity of its business model and that the current management team will maintain its sustainable growth strategy. That is the specific commitment made alongside the ownership announcement.

The timetable requires a distinction between announcement and completion. Reporting by L’Express Franchise, citing Cinco Días, puts expected completion in the first four months of 2027. It is therefore important to distinguish the announced ownership structure from the formal completion of the transaction.

Practical takeaway: for franchisees and those considering joining these brands, the key point is the announced commitment to continuity. Before making decisions, confirm any contractual or operational implications with the relevant brand and monitor the formal steps towards completion.