Blackstone buys NZ Burger King franchise from Anchorage
The Blackstone Group has agreed to buy Antares Restaurant Group, which operates the Burger King franchise in New Zealand, from Anchorage Capital Partners. Terms of the transaction were not disclosed.
Auckland-headquartered Antares has the exclusive local franchise development rights for the Burger King brand and runs 75 restaurants nationwide. The company is in the process of expanding its network and refurbishing existing outlets.
Anchorage acquired Burger King New Zealand - then trading under TPF Restaurants - in September 2009 for a reported NZ$46 million ($36.9 million), acting in partnership with the restaurant chain's senior management. In the past two years, revenue has grown from around NZ$150 million to NZ$161.6 million for the most recent financial year, while net profit came in at NZ$6.8 million.
Anchorage typically targets underperforming businesses and turns them around before selling on to secondary or strategic buyers. The Sydney-based firm was set up in 2007 and closed its debut fund, Anchorage Capital Partners I, at A$200 million ($206 million) in April 2010.
"Anchorage has enjoyed working closely with the Antares management team over the past two years to transform the operational and financial performance of the business and build a sustainable growth platform going forward," Mark Bayliss, a partner at the private equity firm, said in a statement.
The Australasian fast food industry, often cited as a defensive play in a tough consumer environment, has proved popular with investors in recent months. In June, Archer Capital bought Quick Service Restaurant Holdings (QSRH) - the company behind local fast-food chains Red Rooster, Oporto and Chicken Treat - from Quadrant Private Equity for A$450 million.
Pacific Equity Partners followed up in July with the IPO of portfolio company Collins Foods, raising A$201.8 million in the biggest domestic offering so far this year. Collins Foods manages all 119 KFC outlets in Queensland and 26 Sizzler restaurants nationwide, and either operates or has the franchises for more than 260 Sizzlers outlets worldwide.
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