Hong Kong-based private equity firm Affinity Equity Partners has initiated a sale process for BKR, the key operator of Burger King and Tim Hortons restaurants in South Korea. This move revives a divestment plan that was put on hold four years ago, according to industry sources who spoke on Tuesday.
Sources indicate that Affinity Equity Partners has engaged Deutsche Bank to explore the sale of its entire stake in BKR. BKR currently manages a significant presence in the Korean fast-food market, operating approximately 550 Burger King locations and 25 Tim Hortons cafes across the country.
“The firm is actively considering a sale and evaluating various strategic options; however, no final decisions have been made at this time,” Affinity confirmed in a statement.
This renewed effort to sell BKR’s Korean operations follows an unsuccessful attempt in 2021 to divest both the Korean and Japanese Burger King businesses as a combined package. Affinity initially acquired Burger King Korea from VIG Partners in 2016 for 210 billion won (approximately $139 million) before expanding its footprint into Japan the following year through a master franchise agreement with Restaurant Brands International.
Affinity successfully completed the sale of Burger King Japan to Goldman Sachs Alternatives in February, a transaction valued at 78.5 billion yen, or roughly $490 million. Under Affinity’s ownership, the Japanese business experienced substantial growth, expanding from just eight stores to over 337 locations. This particular deal valued the business at approximately 20 times its earnings before interest, taxes, depreciation, and amortization (EBITDA).
For the year 2025, BKR reported robust financial performance, generating revenue of 892.2 billion won, marking a 12.6 percent increase from the previous year. Its EBITDA also surpassed 100 billion won. Industry estimates, factoring in a typical EBITDA multiple of around 10 for food franchise businesses, suggest that BKR’s enterprise value could reach up to 1 trillion won.
