Clifford Chance has advised international private equity firm Cinven on the agreement reached with Restaurant Brands Iberia’s (“RB Iberia”), current shareholders (the founding families and Burger King Europe GmbH) on its acquisition of a majority stake in RB Iberia’s share capital. Valued at more than EUR 1 billion, the investment represents the largest transaction in the Spanish restaurant industry to date, and marks Cinven’s entry into the growing market of fast food in the Iberian Peninsula.

RB Iberia holds the master franchise rights for the Burger King brand in Spain, Portugal, Gibraltar and Andorra, and for the Popeyes and Tim Hortons brands in Spain, with a portfolio of more than 500 of owned-restaurants, and an additional c. 500 franchised restaurants across the three brands. The founders of RB Iberia and Burger King Europe GmbH (the European branch of the fast-food chain) will retain a minority stake in RB Iberia.

Clifford Chance advised Cinven on all legal aspects of the transaction, including M&A, contractual arrangements with Burger King Europe GmbH, shareholders’ arrangements, acquisition financing and due diligence. This transaction follows a line of Cinven investments in the Consumer sector that Clifford Chance has played a supporting role in, including the successful, and largest ever Polish IPO of the e-commerce platform Allegro.

Clifford Chance’s cross-border, multidisciplinary team included lawyers from the Madrid and London offices. The Madrid team was led by Partner Samir Azzouzi and Associates Pablo Hernández, Daniel García, María Aguayo and Enrique Fanego (Private Equity). Support from the London team came from Partners Christopher Sullivan (Private Equity and Cinven relationship partner), Stephen Reese (IP) and Taner Hassan (Acquisition Finance), Senior Associates Alex Walker (IP), Richard Day and Alex Sorgese (Acquisition Finance), and Associate Mark Inkester (Private Equity).