Everstone Capital to sell minority stake in Burger King India

The homegrown PE firm, which had set up the franchise for Burger King in India five years ago, may sell 20% stake, valuing the chain at $300-$350 million.
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Everstone Capital, which holds about 88% stake in Burger King India, will sell a minority stake in the quick service restaurant (QSR) chain. The homegrown PE firm, which had set up the franchise for Burger King in India five years ago, may sell 20% stake, valuing the chain at $300-$350 million.

The sale process is expected to be launched in a few weeks and is managed by advisory firm EY. After the transaction, Everstone will remain the controlling stakeholder.

Everstone Capital controls F&B Asia Ventures, which owns and operates Burger King’s restaurants in India and Indonesia. In 2013, Everstone partnered with US fast-food chain Burger King Worldwide to set up the franchise for the two countries.

The first outlet of Burger King India was opened in November 2014. As of now, it has around 140 outlets in more than 30 cities in India. The company further plans to grow its store count to 200 by end of FY19.

If the deal materialises, it will be Everstone’s second part exit from the food and beverages (F&B) portfolio in the past year. Earlier, the company sold a stake in Massive Restaurants, owned by Jiggs Kalra and son Zorawar Kalra, to PE firm Gaja Capital.

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