December 14, 2012
Mexico’s Alsea has formed a joint venture with Burger King Worldwide into which both parties will place their Burger King restaurants in Mexico. In the deal, Alsea pays an undisclosed sum in exchange for majority control of the JV, made up of 203 restaurants. An Alsea official did not respond to a request for more information, though Alsea states that the deal comes at a 7x EV/Ebidta value. “The transaction is positive for the company and in line with its business strategy,” Monex says in a note, seeing 30% sales growth in 2013, up from 26% this year.