Burger King France to sell Quick restaurants to H.I.G. Capital
The restaurants were up for sale in May.
Burger King France announced it agreed to sell a group of Quick outlets to H.I.G. Capital for 240 million euros (US$285 million).
In a statement, the company said proceeds will be used to repay an 80 million euro loan that it obtained in June 2020 with a guarantee from the French state. 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 fast food outlets and 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.
The closing of the sale is expected by the end of the year.
Photo credit: Quick Belgium Facebook