El presidente de Burger King negocia aliarse con Galán y Costa para pujar por el grupo

Gregorio Jiménez, the president of the restaurant group and the second-largest shareholder of Restaurant Brands Europe (RBE) with over 20% of the capital, is negotiating an alliance with Ignacio Sánchez Galán, the president of Iberdrola, and the Costa Cerezuela family, owners of Costa Food Group. This potential partnership aims to structure a bid for RBE, according to multiple sources consulted by EXPANSIÓN.

Other members of the Jiménez family may also participate in the operation. Conversations among the three families would form a core group to acquire a majority of RBE, likely 51%, and bring in other minority investors to hold the remaining 49%. Peninsula Capital, managed by Borja Prado, ex-president of Endesa, has expressed interest in participating in the operation.

Corporación Financiera Alba, the holding of the March family, is another potential investor with whom meetings have already been held. Mubadala, which unsuccessfully attempted to purchase RBE this summer, may also join as a minority shareholder. The possible operation could value RBE between €2,100 and €2,500 million, including debt, with equity around €1,000 million.

The valuation is similar to the offer Mubadala made to Cinven for RBE in the summer. While several groups, including Apollo, Meritage, KKR, CVC, and TDR, showed interest in buying RBE, the British fund opted to negotiate an exclusive deal with Abu Dhabi's risk fund. RBI, the parent company of Burger King, only holds 10% of RBE, while Cinven owns 70% or 20% through Gregorio Jiménez.

RBI's consent is crucial for a new majority shareholder, as it must approve the deal. The success of Jiménez's bid is not guaranteed, as numerous important issues still need to be resolved during exploratory talks with Cinven and RBI, such as governance and the company's future strategy. Cinven, advised by Morgan Stanley and Clifford Chance, took control of RBE in 2021.

In five years, the company has doubled its size and valuation. With Popeyes, RBE has a strong margin in the global RBI portfolio and invests around €200 million annually in 100 restaurants. Expanding into Italy with Burger King has been unsuccessful. RBE is expected to consider re-engaging with the operation due to Burger King's significant growth potential in Italy.

In early June, RBE successfully negotiated lower banking costs for its debt, bringing the rate down to Euribor plus a 3% differential. Cinven had already refinanced the company's debt in 2025, distributing a €200 million extraordinary dividend as part of its upside. Cinven plans another disinvestment after exiting Masorange earlier this summer.