Fast food emporium Burger King plans to open 100 restaurants over the next five years in Colombia, media reported Wednesday.
The Miami-based burger joint signed an agreement with Fondo Escala Capital, a private equity fund managed by Medellin company Promotora, to expand its presence in Colombia five-fold.
Making part of the deal, the two joining companies will get a majority stake in Kinco SAS, the company opening Burger King franchises in Medellin, Cali and Barranquilla. The funds already managed by Promotora have a value of around $70 million.
Burger King has lately set a trend of signing exclusive restaurant development agreements with similar deals brokering in Brazil, China and Russia.
Burger King has been in Colombia since 2008, and the fast-food chain sees Colombia’s thriving economy as a valuable market in its expansion mission.
