Burger King Spain buys PE-backed Megafood for €100m

According to Restaurant Brands Iberia, which owns the rights in Spain and Portugal for the Burger King brand, the consolidated group will generate revenues of €500m in 2018 and open 1,000 restaurants in Iberia by 2020.

Previous funding
GED Capital backed Megafood in 2011 when it acquired a 47.37% stake in Senerest Group, which owned the company, via its GED Sur fund. Diana Capital bought a 22% stake in Megafood in October 2014 by investing €6m in the company, while a €10m injection was provided by the company's existing investors. These investors included the management team, led by the founder and president Martin Alenar. As part of the deal, GED Capital reduced its stake to 28%.

Company
Founded in 2002 and headquartered in Madrid, Megafood is the main franchisee of the Burger King brand in Spain, with 80 restaurants located in Andalusia, Extremadura, the Canary Islands, Ceuta and Melilla. The company employs 1,800 staff and generated revenues of €95m in 2017.

People
Burger King Spain – Gregorio Jiménez (CEO).
GED Sur – Joaquim Hierro Lopes (CEO).
Diana Capital – Francis Gómez Zubeldia (CEO).

Advisers
Acquirer – Fidentiis Capital (corporate finance); KPMG (financial due diligence); Uría Menéndez (legal).
Vendors – Mavens (legal); Garrigues (legal).

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