Private equity firm Everstone Capital is set to sell its entire 11.26% stake in Restaurant Brands Asia, the operator of Burger King franchises in India and Indonesia, according to a report by Bloomberg citing unnamed sources familiar with the matter.
The stake, held via Everstone’s investment vehicle QSR Asia Pte Ltd, is currently valued at around $57m. The sale is expected to bring in a new strategic investor, with the family office of the founders of India’s Ajanta Pharma reportedly in line to acquire a stake. The family office may inject up to 8 billion Indian rupees ($88m) into the company and is understood to be considering a majority stake over time as other shareholders sell down.
Restaurant Brands Asia has a market capitalisation of approximately $437m in Mumbai. The company confirmed last week it will hold a board meeting to “consider and evaluate raising of funds,” without providing further details.
