Major Burger King shake-up in Spain as €2.3 billion deal changes ownership

Burger King customers in Spain are unlikely to notice an immediate change at the counter, but the company behind thousands of fast-food meals is about to enter a new chapter. Gregorio Jiménez, the Spanish businessman who helped build the group into one of the country’s biggest restaurant operators, is leading a €2.33 billion deal that will put 51 per cent of Restaurant Brands Europe in the hands of a new investor group. The agreement marks the end of Cinven’s controlling involvement and brings together several investors behind Jiménez. It is being described as the largest transaction in the history of Spain’s restaurant industry.

 €2.3 billion deal as Gregorio Jiménez takes control in Spain

The company behind Burger King restaurants in Spain is changing hands in a deal worth more than €2.3 billion. Gregorio Jiménez, the businessman who helped build the chain’s Spanish operation, is leading a consortium that will take control of 51 per cent of Restaurant Brands Europe, the group that runs Burger King alongside Popeyes and Tim Hortons in Spain, Portugal and Italy.

The agreement brings an end to British investment fund Cinven’s controlling role in the business and marks what has been described as the largest transaction in the history of Spain’s restaurant industry. No changes to menus, prices or restaurant operations have been announced. The deal puts the group’s future growth and thousands of jobs under a new ownership structure. 

Who is taking control of Burger King in Spain?

Jiménez is RBE’s executive chairman and founder. He will lead the new shareholder group, which includes Grupo Costa and Point Break Capital Management, and private investors Santiago Jiménez and Fernando Núñez, representing Grupo Ibérica. The consortium will hold 51 per cent of RBE. Ignacio Sánchez Galán, chairman of Iberdrola, is also involved through his family office, Royal Park, according to Cinco Días.

Global parent company Restaurant Brands International has backed the transaction. Cinven took control of the business in 2021. The €2.33 billion valuation is for all of RBE, not the global Burger King business. The deal covers the company operating the brands in the three European markets. 

More than 1,400 restaurants and 26,000 direct jobs

The change reaches far beyond a fast-food name. RBE operates a network of more than 1,400 restaurants across Spain, Portugal and Italy, including more than 1,150 company-owned sites. It employs over 26,000 people directly. When jobs across the wider restaurant network are included, the figure rises to more than 42,000.  – RBE is a major employer and a familiar presence on high streets, retail parks and shopping centres. Future decisions on restaurant openings and investment could affect workers, franchise partners and the towns and cities where its outlets operate.

The company has not announced any job cuts or changes to its restaurant network as part of the deal. Its size means the group’s decisions are watched closely by suppliers, landlords and local businesses that depend on restaurant footfall. RBE’s portfolio also extends beyond Burger King. It operates Popeyes and Tim Hortons, so the new ownership will oversee all three brands in the region. 

A business that has grown fivefold

The figures behind the sale show how much the group has expanded. RBE’s sales rose from €282 million in 2017 to €1.541 billion in 2025, more than five times higher. Its earnings before interest, tax, depreciation and amortisation (EBITDA) increased from €52 million to €245 million over the same period.

Revenue grew by 16 per cent in 2025. Including franchise-operated restaurants, network sales reached around €2 billion. The purchase is being financed in large part through a €1.4 billion loan arranged with Santander CIB, JPMorgan and BBVA. The company says the new owners are committed to developing the business over the long term. The group has expanded in recent years through restaurant openings and acquisitions, including Portuguese operator Ibersol in 2022.

When will the deal take effect?

The agreement has been announced, but the transfer is not yet complete. The transaction is expected to close in the first quarter of 2027, according to Cinco Días. RBE says its existing business model and growth strategy will continue, with the current management team remaining in place.

Jiménez has described the deal as a natural next step for the company and reaffirmed his commitment to its future. Burger King restaurants will not change overnight. The new shareholders will take charge of a business with more than 1,400 locations and tens of thousands of workers.