Goldman Sachs Acquires Burger King Japan for £345.1 Million

Goldman Sachs has entered into a significant agreement to acquire a 100% stake in Burger King Japan from Affinity Equity Partners. This deal, announced on 18 November 2025, marks a strategic move by Goldman Sachs to expand its influence in the Asian fast-food market. The investment bank aims to implement an ambitious growth strategy that targets tripling the franchise’s revenue within three years.

The financial terms of the acquisition have been reported to be around £345.1 million (approximately $452 million), emphasizing the growing interest of private equity in the consumer sector. According to Morrisson Foerster, the law firm advising Affinity Equity Partners, this transaction is one of the most notable private equity-led deals in Asia’s consumer sector this year. The firm also highlighted that the closing of the sales and purchase agreement is contingent upon standard conditions, including regulatory and franchisor approvals.

Goldman Sachs plans to leverage this acquisition to accelerate the growth of Burger King in Japan. The company aims to increase annual sales to £585.6 million (approximately ¥120 billion) by 2028, nearly tripling its current sales figures. This ambitious target will involve expanding the number of Burger King outlets in Japan to 600, effectively doubling the existing store count.

Challenges in a Competitive Market

The fast-food landscape in Japan presents substantial challenges, with McDonald’s leading the market with over 3,000 outlets, followed by Mos Burger, which operates more than 1,300 branches. Currently, Burger King has approximately 310 stores, positioning it as a smaller player in the competitive burger sector. Goldman Sachs views this relatively modest presence as an opportunity for aggressive expansion, particularly by focusing on its signature Whopper range to attract customers away from established local favorites.

The acquisition is being managed by Goldman Sachs’ Alternative Investments division, which is responsible for the company’s asset management activities. The M&A team at Morrisson Foerster in Tokyo played a critical role in the transaction, led by partners Gary Mitchell Smith and Mitsutoshi Uchida. They were supported by associates Yui Hirohashi and Yusaku Narita, alongside experts in antitrust, competition, and tax law.

As the fast-food industry in Japan continues to evolve, the acquisition of Burger King Japan by Goldman Sachs represents a significant step in the firm’s strategy to diversify its investments in high-potential consumer brands. With plans to not only expand the franchise but also enhance its market presence, Goldman Sachs is poised to challenge established competitors and reshape the landscape of the Japanese fast-food market.