Burger King Worldwide announced Wednesday an exclusive restaurant development agreement with Fondo Escala Capital and Promotora to further develop the Burger King brand in Colombia by more than 100 new points of sale within the next five years.
Fondo Escala Capital and Promotora have agreed to acquire a majority stake in Kinco S.A.S., currently a franchisee of Burger King Worldwide.
"Colombia's economy is thriving and we believe this is a valuable market in our strategic mission to expand our footprint in the Latin America and Caribbean region," said Jose Tomas, president, Latin America and Caribbean, Burger King Worldwide in a statement.
"There is a tremendous opportunity to grow the Burger King brand in Colombia and this deal is an important step in realizing that opportunity."
Burger King Worldwide said it entered Colombia in 2008 and the Burger King brand currently enjoys a strong consumer following throughout Latin America and the Caribbean with a presence in 29 countries across the region and approximately 1,250 restaurants in the region.
Burger King will also be continuing its expansion into Russia, according to a Bloomberg report. Burger King opened its first store in Russia in 2010 and now has 70 restaurants open in Russia and plans to open its first Siberian outlet in Surgut.
