Affinity Completes Sale of Burger King Japan to Goldman Sachs for 750 Billion Won

by Kim Dongpyo

Published 19 Feb.2026 14:23(KST)

A 5.8x Return, Among the Highest in the Japanese Market

Global private equity fund Affinity Equity Partners (hereinafter Affinity) has completed the process of selling 100% of its stake in BK Japan Holdings (Burger King Japan) to Goldman Sachs Alternatives, the alternative investments division of Goldman Sachs. The sale price is 78.5 billion yen (approximately 750 billion won), and this brings the related procedures to a close roughly three months after the signing of the share purchase agreement (SPA) in November last year.

On the 19th, Affinity stated, "This transaction recorded an EV/EBITDA multiple of about 20 times (LTM as of the third quarter), the highest level ever in the Japanese QSR (quick service restaurant) industry, and the MOIC (multiple on invested capital) reached approximately 5.8 times."

Affinity secured exclusive operating rights in 2017 by signing a master franchise development agreement (MFDA) with RBI Global for its first investment in Japan, which was also its first greenfield-format investment in the country. Affinity then acquired and revamped existing stores that had low operating efficiency and limited growth potential, focusing on store expansion, strengthening store competitiveness, and enhancing customer experience.

Burger King Japan product brochure

In particular, Burger King Japan continued to make focused investments in new store development, digital infrastructure, and brand enhancement. It optimized store locations and formats, upgraded quality and menu competitiveness, and strengthened a consumer-centric operating system. At the same time, it introduced an in-house multi-vendor sourcing system to optimize cost management while ensuring quality.

Affinity also transplanted to the Japanese market the growth strategies and operational and digital innovations that had been validated at its portfolio company Burger King Korea (BKR). It provided an omnichannel experience by integrating kiosks and the mobile app, and, based on the menu competitiveness enhancement methods and operating standards proven effective in Korea, it refined menu composition ranging from snacks to premium gourmet burgers, as well as know-how in new store development and trade area analysis, to fit local conditions.

As a result, Burger King Japan achieved 290-fold sales growth over seven years. The number of stores increased from eight to more than 337, and it recorded an EBITDA margin of 13.3%, one of the highest levels within the global Burger King system.

Min Byoungchul, Korea Country Head at Affinity Equity Partners, said, "Burger King Japan is a case that reaffirmed Affinity's capability to create and enhance the value of consumer platforms through digital innovation and operational excellence," adding, "It is highly meaningful in that we achieved a fundamental brand transformation and a shift to growth through Affinity's systematic value-creation platform."