Burger King sold to venture capitalists
05 August 2002 by Louise Bozec
Burger King parent Diageo is selling the fast-food chain to venture capitalists Texas Pacific, Bain Capital and Goldman Sachs Capital Partners for $2.26b (£1.4b).
The group first announced it was selling Burger King in June 2000 in order to concentrate on its drinks business. The sale is expected to be completed in the final three months of the year.
Diageo said that a proportion of the sale price, about 5%, was dependent on the Burger King business "satisfying certain performance targets" in the financial year ended 30 June. In the year to 2001, operating profit fell by 12% to £177m, compared with the same period a year earlier.
