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Buyout fund Cinven has bought a majority stake in Restaurant Brands International’s unit in the Iberian peninsula, in a deal valuing RB Iberia at €1-billion ($1.18-billion), the companies said in a joint statement on Wednesday.

The founders of Restaurant Brands Iberia and Burger King Europe GmbH – the European branch of the fast-food chain – will retain a minority stake in the Iberian unit, and the current executive team will stay in place, the statement added.

Spaniards’ growing appetite for restaurant meals and fast food, and the pandemic-induced boom in digital food delivery are favourable market trends able to shore up substantial growth for RB Iberia, the companies said.

“This is an attractive opportunity for primary investment: (RB Iberia) has a solid strategic position in the growing market of fast food in the Iberian peninsula and we’re delighted to join forces … to accelerate its growth,” Cinven partner Jorge Quemada said.

RB Iberia holds the master franchise rights for Burger King in Spain, Portugal, Gibraltar and Andorra, as well as for the fried chicken chain Popeyes and doughnut shop Tim Hortons in Spain.

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