Qualium to sell Quick to Burger King France owners

Pending regulatory and employee approval, as well as the renegotiation of Quick's existing bonds, the transaction is expected to complete before year-end.

Enterprise value for Quick was not provided, but press reports stated it was valued at around €600-700m ahead of the sale.

Hospitality-focused conglomerate Bertrand will wholly acquire Quick. The buyer has also been the majority owner of Burger King France via a joint venture since November 2013.

The purchase of Quick, a group representing €1.029bn in turnover, is a significant step up for Bertrand, whose portfolio generated €600m in sales prior to the takeover. According to the buyer, the acquisition could lead to the inception of France's second largest fast-food operator.

Quick's France-based restaurants will eventually operate under the Burger King brand, while those in Belgium, Luxembourg and outside Europe will keep their current name.

Previous funding
According to unquote" data, Qualium became a majority shareholder in Quick in January 2007. Although enterprise value was not disclosed, Qualium targeted assets in the €40-250m region at the time.

Three years later, the GP began contemplating an exit for the business and hired Rothschild to run the process. The divestment plans were cut short by a food poisoning incident at one of Quick's branches in Avignon.

After putting the sale on hold, Qualium arranged a debt restructuring understood to amount to €417m in 2013, which saw the GP inject a further €30m of equity into the business.

Company
Established in 1970, Quick is a fast-food chain operating establishments run independently or via a franchised network.

Founded in France, the group is present in seven countries and claims to be the third largest fast-food hamburger chain in Europe. With 19,000 employees across 495 restaurants, the business generated €1.029bn in turnover in 2014.

People
Qualium was represented by CEO Jean Eichenlaub. Olivier Bertrand founded Groupe Bertrand and is currently CEO at Quick's new parent.

Advisers
Vendor – Goldman Sachs, Céline Méchain (Corporate finance); Rothschild, Laurent Baril (Corporate finance); Weil Gotshal & Manges, David Aknin (Legal).
Acquirer – Lazard, Nicolas Constant, Isabelle Xoual (Corporate finance); Olswang Avocats, Christophe Gaschin (Legal); KPMG (Financial due diligence).

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