The Burger King chain has been sold for $3.26bn. Falling turnover forced the global fast food operator to put up a for sale sign.
Sales have been falling steadily over the last year and profits have been flat.
According to the Wall Street Journal the company had approached a number of private equity companies in the hope of selling but in the end it was British private equity group 3G Capital that clinched a deal.
Private equity firms are sitting on mountains of cash after raising bumper funds before the credit crisis, and they are still trying to invest that money.
Restaurants are prime targets. Some company valuations are low, most generate a lot of cash, and chains that have a high percentage of their units owned by franchisees e.g. the branch of Burger King in North Street, Brighton, have low capital requirements.
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Retail, pubs, clubs and restaurants