Blackstone said to seek buyer for Burger King NZ franchise

REUTERS/Leonhard Foeger

Private equity firm Blackstone Group is said to be looking for a buyer for its Burger King New Zealand franchise, a business it acquired for close to $108 million in 2011, according to an NZ Herald report.

Burger King currently operates 85 restaurants in New Zealand — 83 of these are owned by Blackstone — and is reportedly making about $20 million in sales each year.

According to the report, Blackstone has mandated Craigs Investment Partners to sell the business.

The sale comes at a time when Burger King is facing turbulence in New Zealand. Last year, Antares Restaurant Group, the company that operates Burger King NZ, was under fire for alleged questionable working conditions.

Burger King workers also staged a number of strikes last year, demanding higher wages and better working conditions. The company was also banned from hiring migrant workers until July this year for breaching the Minimum Wage Act.

Blackstone acquired Burger King NZ through Tango New Zealand by buying out existing shareholders of Anchorage New Zealand Holdings, which owned Burger King then.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.