Burger King has partnered with Burger Rus, its largest franchisee in Russia, and investment bank VTM Capital to open several hundred Burger King restaurants over the next few years, The Miami Herald reports. VTM Capital will invest up to USD100 million over five years in an effort to increase the number of franchised Burger King outlets in Russia to more than 300.
José Cil, President of Burger King Europe, Middle East and Asia Pacific, said: "We believe there is tremendous opportunity to rapidly increase our market share in Russia’s fast-growing and underpenetrated quick service restaurant sector. [This] announcement is a great example of our company’s strategy to accelerate international expansion by creating master franchise agreements with strong local partners in high-growth markets."
