QSR process ends without result as Carlyle, CVC turned down

"As the company said, they would like to keep the asset with the group," a spokesperson at Carlyle confirmed to AVCJ. The process, which began when Kulim rejected an unsolicited bid from local tycoon Halim Saad and allied interests, saw Carlyle make a $619 million offer for Kulim's 57.8% stake in QSR, which operates Kentucky Fried Chicken and Pizza Hut franchises in Malaysia, as well as Singapore and Brunei. CVC then partnered with Saad and other entities for a further bid, all of which were eventually rejected.

Sources suggested that Saad's original bid may have been instigated by some stakeholders within QSR's holding company structure, but that the overriding interests within the group, particularly Johor Corp., the investment arm of the state of Johor and majority owner of Kulim, had come out against these. Speculation also surrounds the involvement of Kohlberg Kravis Roberts, who market talk says might have been seeking to partner with Malaysia's Employees Provident Fund on its own bid, which it then retracted once the extent of opposition to the other PE approaches became clear.

Further reading

CVC stalled in QSR process against Carlyle, KKR rumored: reports

• Southeast Asia
• 29 Nov 2010

Carlyle makes opportunistic bid for Malaysia’s QSR Brands

• Buyouts
• 26 Nov 2010

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• Topics
• Southeast Asia
• Buyouts
• Consumer
• The Carlyle Group
• CVC Capital Partners
• KKR