Blackstone has been trying to sell Burger King NZ but has not been offered the right price. Photo / 123RF
US private equity firm Blackstone has called off plans to sell fast food chain Burger King in New Zealand, the Australian newspaper reported, saying buyers were unprepared to meet its $120 million price tag.
The New York-based private equity firm bought Burger King NZ for $108m from Australia-based Anchorage Capital
Partners in 2011.
This year, Blackstone hired Deutsche Craigs to sell the New Zealand master franchise of the US-based business, with information memoranda sent out to the market.
But while the sale process attracted some interest, buyers were said to have offered much less than the $120m price that Blackstone was said to be eager to achieve, the Australian said.
The business opened in New Zealand in 1993. It has 83 restaurants and employs 2600 people.
