Everstone revives sale of Domino’s and Burger King in Moelis-run process – sources

Breaking News 17 October

Everstone revives sale of Domino’s and Burger King in Moelis-run process – sources

Everstone has revived the sale process of its investee Dom Pizza Indonesia, which operates Domino’s Pizza in Indonesia, four sources familiar with the matter said.

The sale process is being advised by Moelis, the sources said.

The vendor recently collected non-binding bids, the second and the third sources said.

The South and Southeast Asia-focused private equity firm acquired a 51% stake in Dom Pizza Indonesia in 2014 for an undisclosed amount, as per Mergermarket’s database. Indonesian retailer Mitra Adiperkasa [IDX:MAPI] has a 33.52% stake in the business, as disclosed by the retailer.

Dom Pizza operates 214 Domino’s Pizza stores in Indonesia, according to Dom Pizza Indonesia’s website.

Everstone, Moelis, and Mitra Adiperkasa did not respond to requests for comments.

Burger King in India, Indonesia

Dom Pizza Indonesia is one of the business units of Everstone’s Singapore-based F&B investment platform F&B Asia Ventures. The platform also holds quick service restaurant (QSR) operator Restaurant Brands Asia (RBA) [BOM:543248], which was formerly known as Burger King India and operates the Burger King restaurants in India and Indonesia.

Everstone has also revived the exit process for the Burger King franchise business, the first source, a fifth source familiar with the situation, and a sector advisor said.

Moelis is also advising Everstone on this potential exit and the sell-side sent out marketing materials to potential investors in 3Q22, the first source and the sector advisor said.

F&B Asia Ventures owns about 41% of RBA. RBA has a market cap of around INR 61bn (USD 745m).

Everstone kicked off a process in early 2020 to divest its stakes in the Burger King Indian franchise and the Indonesian franchises of Burger King and Domino Pizza, Mergermarket reported in January 2020.

The sale of the bundled assets did not materialize, and Everstone took the Indian business public later in the same year. Burger King India (RBA) raised INR 8.1bn (USD 110m) in a domestic initial public offering in December 2020, according to media reports.

In March 2022, RBA completed the acquisition of an 87.75% stake in Sari Burger Indonesia, which operates Burger King in Indonesia, from sellers Mitra Adiperkasa and F&B Asia Ventures. The transaction valued Sari Burger Indonesia at an enterprise value of USD 183m, as disclosed by RBA. 

RBA had a network of 315 Burger King restaurants in India, and Sari Burger Indonesia had 177 restaurants, as of 31 March, as disclosed by RBA.

Everstone, Moelis, and Restaurant Brands Asia did not respond to requests for comments.

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