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Burger King Worldwide announced that it has entered into a multicountry master franchise joint venture agreement with BEBOCA LTD in Central America. This multicountry joint venture is first of its kind for the Burger King brand worldwide.
Under the terms of the agreement, BKW and BEBOCA, a long-standing Burger King franchisee, which owns and operates 48 restaurants in Costa Rica and Panama, will establish a new entity named BK Centro America.
The new joint venture will acquire the master franchise rights for the 178 restaurants in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama, and has commited to manage the aggressive development of the Burger King brand in these countries.
The company will provide operations, supply chain, procurement, and marketing for franchisees in Central America and will have new development exclusivity in these markets.
"Central America's middle class continues to expand rapidly, and this partnership will enhance our ability to grow aggressively and ensure we are the preferred choice among consumers in the region," says Jose Tomas, president, Latin America and the Caribbean, BKW.
"I am thrilled to be part of this exciting new venture with Burger King Worldwide, and I am confident these markets offer great potential for aggressive growth," says Rafael Belloso, president and CEO of BK Centro America. "The new company will expand the region by focusing on delivering exceptional guest service and great-tasting food."
Tomas and Jonathan Weisleder, finance and business development director of Latin America and the Caribbean, will join the board of directors of BK Centro America.
In 2012, BKW successfully introduced joint ventures in South Africa, Russia, and China and, in 2011, in Brazil, all focused on increasing market share in key markets across the world.