Inspira Global to take control of Burger King India operator RBA; Everstone exits

The transaction will see Inspira Global acquire the entire 11.26% stake held by QSR Asia for about ₹460 crore, while also infusing fresh capital of around ₹1,500 crore into RBA

• Inspira Global to acquire controlling stake in Restaurant Brands Asia Ltd.
• Deal includes Rs 460 crore for QSR Asia's stake and Rs 1,500 crore fresh capital
• Acquisition triggers mandatory open offer; subject to regulatory approvals

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Restaurant Brands Asia Ltd. (RBA), which operates Burger King in India and Burger King and Popeyes in Indonesia, said on Tuesday that Inspira Global will acquire a controlling stake in the company, marking the exit of existing promoter QSR Asia Pte. Ltd., which is majority owned by Everstone Capital.

The transaction will see Inspira Global acquire the entire 11.26% stake held by QSR Asia for about Rs 460 crore, while also infusing fresh capital of around Rs 1,500 crore into RBA. This includes a preferential allotment of equity shares worth about Rs 900 crore and warrants worth about Rs 600 crore.

The deal will be executed through Lenexis Foodworks Private Limited, Inspira Global’s food and beverage arm, which operates more than 250 Chinese Wok restaurants across over 45 cities in India. The transactions will trigger a mandatory open offer to RBA’s public shareholders under SEBI takeover regulations.

The proposed acquisition is subject to shareholder and regulatory approvals, including clearance from the Competition Commission of India.

“We are excited to welcome Aayush Agrawal and Inspira Global as our new promoter,” said Rajeev Varman, Whole-time Director and Group Chief Executive Officer of Restaurant Brands Asia. “With their strong track record of value creation in India, long-term capital support and strategic alignment, we believe this will enable us to continue our strong growth journey. RBA will continue to operate with its existing leadership team, operational structure and brand identity fully intact as we remain firmly focused on executing our growth plans.”

Aayush Madhusudan Agrawal of Inspira Global said the group sees the acquisition as a long-term bet on India’s fast-growing quick service restaurant market.

“We have significant admiration for the work done by the RBA team in building the business so far,” he said. “We see this acquisition as a long-term value creation initiative through focused sustainable growth and realizing the true potential offered by the market. We will continue to build and grow this business, in line with the vision of RBA and are excited to work together with the existing management team.”

He added that the investment strengthens Inspira Global’s focus on consumer businesses and deepens its presence in the QSR segment.

Restaurant Brands International, the global owner of the Burger King and Popeyes brands, welcomed the change in ownership. “We are pleased with Inspira Global’s commitment to making a significant investment in RBA and look forward to working with them as long-term partners,” said Rafael Odorizzi, President Asia-Pacific, Restaurant Brands International.

Everstone Group, which backed Burger King’s entry into India over a decade ago, said the transaction marks the completion of its investment cycle. “We opened India’s first Burger King 12 years ago with a distinctive menu, an exceptional management team, and the ambition to build a marquee QSR brand,” said Sameer Sain, Co-Founder and Group CEO of Everstone Group. “Today, with over 575 outlets, those foundations remain firmly in place, and the business is well positioned for its next phase of growth.”