Cinven sells Burger King, Popeyes and Tim Hortons in Spain for €2.33 billion

Cinven has sold Restaurant Brands Europe, which operates Burger King, Popeyes, and Tim Hortons in Spain, Italy, and Portugal, for €2.33 billion. The deal involves a consortium led by current president Gregorio Jiménez and Ignacio Sánchez Galán's family office. Cinven acquired the company in 2021 for around €1 billion, achieving over 100% return. The transaction values the company at 9.5 times its last EBITDA. The new investors plan to finance the acquisition primarily through debt, with Santander and JP Morgan providing over €1.4 billion. Restaurant Brands Europe reported a revenue of €1.54 billion in 2025, marking a 16% increase from the previous year, and a net profit of €39.4 million, reversing losses from 2024.