Affinity Equity Partners bought South Korean retail giant Lotte Group's stake in Burger King Japan Holdings in a transaction that could be worth approximately 10 billion South Korean won, The Korea Herald reported, citing industry sources.
The Hong Kong-based private equity firm aims to invest ¥5 billion in the business to lift the number of outlets in Japan to 300 from 100 by 2022, according to the report.
Lotte's restaurant operating division, Lotte GRS, bought Burger King Japan Holdings in 2010, and agreed to take on 20 billion won in debt. The business has recorded annual losses of 10 billion won since 2011, according to the report.
Affinity Equity Partners acquired Burger King Korea for 210 billion won in 2016. It has pursued an aggressive growth strategy, adding many new branches. BKR, the operator of Burger King Korea, will continue to add to the 360 outlets in the region, the report said.
As of Aug. 30, US$1 was equivalent to 1,208.32 South Korean won and ¥106.22.
