Restaurant Brands New Zealand Limited (“RBD”) has announced it has entered into a conditional agreement to purchase 100% of shares in QSR Pty Limited (“QSR”), an Australian company which owns and operates 42 KFC stores in New South Wales, Australia.
QSR is currently owned by interests associated with the Copulos Group. The transaction is subject to a number of conditions, including approval from the franchisor, Yum! Restaurants International and other conditions which are customary for a transaction of this nature.
RBD expects the transaction to settle by the end of April 2016, although the actual settlement date will depend on when the agreement becomes unconditional.
“The acquisition is an opportunity for Restaurant Brands to gain a scale position in the New South Wales quick service restaurant market, leveraging our strong relationship with Yum! Restaurants International and successful track record owning and operating KFC stores,” shared RBD Chairman Ted van Arkel in a statement.
QSR’s KFC stores are located in urban Sydney and New South Wales regional locations.
QSR has been a KFC franchisee for the past 17 years and is the largest KFC franchise in New South Wales (by number of stores).
“The acquisition comprises of a high quality portfolio of stores located in a number of strategic urban locations in Sydney and the wider New South Wales. We see the acquisition as an opportunity to expand RBD’s geographical footprint of KFC stores in a market with considerable further expansion opportunities,” added RBD Chief Executive Russel Creedy.