Cinven has signed an agreement to sell its stake in Restaurant Brands Europe (RBE), the master franchisee of Burger King, Popeyes and Tim Hortons in Spain, Burger King in Portugal and Popeyes in Italy, to a consortium led by RBE founder Gregorio Jiménez, the private equity firm said on 6 November 2026.
Why Consortium led by Gregorio Jiménez (with Grupo Costa, Point Break Capital, Royal Park and others) is buying Restaurant Brands Europe (RBE) – Cinven's stake
Jiménez, RBE's executive chairman, is reinvesting and leading the buyer group, which reports say also includes Grupo Costa, Point Break Capital, Royal Park – the family office of Iberdrola chairman Ignacio Sánchez Galán – and private investors representing Grupo Ibérica. Cinven said that during its ownership RBE more than doubled EBITDA, roughly doubled restaurant openings with the help of add-on acquisitions, and launched Popeyes in Spain, where it is nearing 200 stores.
Deal terms and financing
Cinven did not disclose financial terms. Spanish press reports value 100% of RBE at about €2.33bn, with the Jiménez-led consortium taking 51%, and say the purchase is financed largely with a €1.4bn loan from Santander CIB, JPMorgan and BBVA. Restaurant Brands International backs the transaction, according to reports.
Regulatory approvals and timing
Completion is subject to regulatory approvals and other customary closing conditions. Reports, citing Cinco Días, expect closing in the first quarter of 2027.
Market context
Founded in 1981 and headquartered in Spain, RBE operates more than 1,400 company-owned and franchised restaurants. Its sales rose from €282m in 2017 to €1.541bn in 2025 and EBITDA from €52m to €245m over the same period, according to press reports. Cinven had explored a sale earlier in 2026, including exclusive talks with Mubadala.
