Are you a lover of fast foods? If yes, then you probably know Burger King. In the market of food brands, Burger King has been able to make an impact, giving a good competition to many of its competitors.
The company was initially launched as Insta-Burger King by Keith Kramer and Matthew Burns in 1953 at Jacksonville, Florida. Their main goal was to provide their customers with food that was reasonable priced, attractive and in clean surroundings
After the restaurant ran into financial difficulties in 1954, its two Miami-based franchisees, James McLamore and David Edgerton, purchased the company and renamed it to Burger King.
It grew in the US using a combination of corporate locations and franchising, the company began its international expansion in 1969. As of 2022, Burger King has over 18 700 locations worldwide, with an annual revenue of $1.6 billion.
Burger King South Africa
In May 2013, Burger King South Africa opened its very first restaurant in Cape Town via a joint venture between Burger King Holdings and JSE-listed investment company, Grand Parade Investments. Since then, 102 franchises have been opened countrywide, of which 95 are corporate-owned.
In November 2021, Burger King was acquired by PE-based private equity firm, Emerging Capital Partners (ECP).
The initial price for the brand was R670 million, but following the impact Covid-19 caused on the food services industry, Burger King South Africa was revalued at R570 million.
The deal was initially denied approval in June with the Competition Commission citing a lack of BEE credentials but in the end, the Competition Tribunal finally gave the green light to the sale.
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