Goldman Sachs Acquires Burger King Japan for £345.1 Million

Goldman Sachs has announced its acquisition of a 100% stake in Burger King Japan from Affinity Equity Partners for approximately £345.1 million ($452 million). This significant move, revealed on November 18, 2025, underscores Goldman Sachs’ strategy to penetrate the Asian fast-food market and expand its portfolio with high-potential consumer brands.

The acquisition aligns with Goldman Sachs’ ambitious growth plans for Burger King Japan, aiming to triple the franchise’s revenue within three years. The investment bank plans to increase annual sales to £585.6 million (¥120 billion) by 2028, nearly three times the current level. This expansion includes a plan to double the number of Burger King locations in Japan to 600, enhancing the brand’s presence in a fiercely competitive market.

Goldman Sachs intends to challenge dominant local competitors, particularly Mos Burger, which ranks as Japan’s second-largest homegrown burger chain. Currently, Burger King operates around 310 restaurants, a fraction compared to McDonald’s, which leads the market with over 3,000 locations. The investment firm views this relatively smaller scale as a unique opportunity to drive aggressive growth and capture a larger market share.

According to legal representatives from the law firm Morrisson Foerster, which advised Affinity Equity Partners, the closing of the sales and purchase agreement is subject to customary conditions, including regulatory and franchisor approvals. The firm noted that this acquisition is one of the latest high-profile private equity-led deals in Asia’s consumer sector, which has seen increased interest from global investors.

In its strategic approach, Goldman Sachs will leverage Burger King’s iconic Whopper burger range to attract customers and differentiate itself from competitors. This focus on signature offerings is expected to bolster the brand’s appeal to Japanese consumers.

The acquisition is being managed by Goldman’s Alternative Investments division, the firm’s asset management arm. The Morrison Foerster deal team in Tokyo included M&A/PE partner Gary Mitchell Smith, M&A partner Mitsutoshi Uchida, and associates Yui Hirohashi and Yusaku Narita. They were supported by a team of experts in antitrust, competition, and tax, showcasing the complexity of the transaction.

As Burger King Japan prepares for this new chapter under Goldman Sachs’ ownership, the fast-food landscape in Japan is anticipated to evolve significantly, setting the stage for a new era of competition and growth.