Burger King Worldwide, Inc. (NYSE:BKW), today announced that it has entered into a multi-country, Master Franchise Joint Venture Agreement with BEBOCA LTD in Central America. This multi-country joint venture is a first of its kind for the BURGER KING® brand worldwide.
Under the terms of the agreement, BKW and BEBOCA LTD, a long-standing BURGER KING® franchisee, which currently owns and operates 48 restaurants in Costa Rica and Panama, will establish a new entity named BK Centro America. The new joint venture will acquire the master franchise rights for the 178 restaurants in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama and has committed to manage the aggressive development of the BURGER KING® brand in these countries. The company will provide operations, supply chain, procurement and marketing for franchisees in Central America and will have new development exclusivity in these markets.
“Central America’s middle class continues to expand rapidly and this partnership will enhance our ability to grow aggressively and ensure we are the preferred choice among consumers in the region,” said Jose Tomas, president, Latin America and the Caribbean, Burger King Worldwide, Inc.
Rafael Belloso, president and CEO of BK Centro America said, “I am thrilled to be part of this exciting new venture with Burger King Worldwide, Inc., and I am confident these markets offer great potential for aggressive growth. The new company will expand the region by focusing on delivering exceptional guest service and great-tasting food.”
Jose Tomas, president, Latin America and the Caribbean and Jonathan Weisleder, finance and business development director, Latin America and the Caribbean, will join the Board of Directors of BK Centro America. In 2012, BKW successfully introduced joint ventures in South Africa, Russia and China and in 2011, in Brazil – all focused on increasing market share in key markets across the world.