Affinity Equity Partners Completes Sale of Burger King Japan to Goldman Sachs Alternatives

Tokyo, Japan — February 19, 2026 — Affinity Equity Partners (“Affinity”) has completed the sale of its 100% stake in Burger King Japan Holdings Co., Ltd. (“BKJH”) to Goldman Sachs Alternatives.

The transaction was completed approximately three months after the signing of the SPA in November last year.

Affinity invested in BKJH in 2017, marking the Firm’s first transaction in Japan. Under a Master Franchise Development Agreement (MFDA) with RBI Global, Affinity secured exclusive rights to operate the Burger King brand in the country, which at the time was a significantly under-scaled business. The investment was built on Affinity’s prior experience and early success with the Burger King Korea franchise, acquired in 2016. Since obtaining the Japan franchise rights, Affinity has transformed BKJH into one of the market’s fastest-growing and most profitable QSR brands through accelerated store expansion, strengthened operational competitiveness, and a substantially enhanced customer experience.

BKJH made focused investments in new store development, digital infrastructure, and brand building, supported by substantial upgrades to store‑level and corporate‑level operations. Underperforming legacy sites were relocated or renovated, high‑potential stores were modernized, and operational standards were strengthened through rigorous training, clear KPIs, and the introduction of an in‑house multi‑vendor sourcing system to improve cost efficiency and ensure product quality. These initiatives were complemented by comprehensive marketing campaigns and continuous menu innovation to elevate brand awareness and deepen customer engagement.

Affinity further accelerated BKJH’s transformation by deploying digital and operational systems successfully validated at Burger King Korea, including in-store kiosks, a full‑coverage menu architecture, and an enhanced omnichannel platform. A proprietary store development playbook, supported by a strong site‑selection team and agile approval processes, enabled BKJH to execute its store expansion strategy efficiently, while the roll-out of a new franchise program created additional upside for future growth. Customer satisfaction was strengthened through localized product innovations and a tiered loyalty program.

As a result, BKJH scaled from 8 stores to more than 337 locations nationwide over seven years and increased revenue nearly 300-fold during Affinity’s ownership. The company achieved among the highest EBITDA margin within the global Burger King system – and earned several top rankings in Japan, including #1 best burger brand (Nielsen Research) and recognition as the tastiest burger brand. BKJH also became one of Japan’s most digitalized QSR platforms, with more than 70% of transactions conducted through digital channels.

“Burger King Japan underscores Affinity’s ability to create value and scale in consumer platforms through digital innovation and disciplined operational improvement. By applying our systematic value-creation framework, we were able to fundamentally elevate the brand, strengthen its market position, and successfully reposition it for sustainable long-term growth,” said Charles Min, Head of Korea and Operations Group at Affinity Equity Partners.

Affinity continues to apply its control-oriented value creation strategy across its portfolio, with a focus on digital enablement and operational transformation. In Korea, Burger King Korea – alongside its second brand, Tim Hortons – has expanded to more than 550 stores and generated more than KRW 114 bn of adjusted EBITDA in 2025, reflecting Affinity’s ability to scale consumer platforms while strengthening product competitiveness and service quality. Beyond QSR, JobKorea (Worksphere) is advancing its AI and data-driven transformation, ServeOne is strengthening its platform through supply chain and process optimization, and SK Rent-a-Car is enhancing lifecycle economics through AI-enabled fleet and customer management to support scalable, technology-enabled growth.

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