Affinity Equity Partners Signs Agreement to Sell ‘Burger King Japan’ to Goldman Sachs Alternatives

Tokyo, Japan — November 18, 2025 — Affinity Equity Partners (“Affinity”) today announced it signed the sales and purchase agreement on 13th November 2025 to fully divest 100% stake in Burger King Japan Holdings Co., Ltd. (“BKJH”) to Private Equity at Goldman Sachs Alternatives (“Goldman Sachs”). Closing of the SPA is subject to customary conditions precedent, including regulatory and franchisor approvals.

BKJH represented Affinity’s first investment in Japan and its first greenfield-format entry. At the time of the Affinity investment in 2017, BKJH signed a Master Franchise Development Agreement (MFDA) which granted it the exclusive rights to own and operate Burger King® Restaurants in Japan. Since 2017, Affinity has successfully scaled Burger King® in Japan through aggressive store expansion, sharpened menu competitiveness, and an enhanced customer experience.

Under Affinity’s ownership, BKJH achieved positive EBITDA in 2020 and experienced rapidly accelerating growth, supported by disciplined investments in new store development, digital infrastructure and brand building. The BKJH investment demonstrates Affinity’s ability to identify high potential opportunities, build and partner with best-in-class management teams, and deliver meaningful operational value creation in new and complex markets.

As a result, BKJH has achieved remarkable performance over seven years, including a 290-fold increase in revenue, expansion to over 311 locations – including 85 new store openings in 2025 alone. The brand has become Japan’s #1 best burger brand and one of its most digitalized QSR platforms, with 70% of transactions conducted through digital channels.

Burger King Japan has garnered a plethora of international and local industry awards, including Burger King Marketer of the Year (2025) by Restaurant Brands International, Grand Prix & Minister of Internal Affairs and Communications Award (2024) from ACC Tokyo Creativity Awards, and Marketer of the Year (2024) by Nikkei Cross Trend, amongst others.

“Burger King Japan exemplifies Affinity’s ability to transform and scale consumer platforms through operational excellence and digital innovation. We are proud that, through our disciplined value-creation approach, we were able to successfully revitalize a previously underperforming brand and elevate it to a market-leading position,” said Charles Min, Head of Korea and Operations Group at Affinity Equity Partners.

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About Affinity Equity Partners

Affinity Equity Partners is one of the largest independent private equity firms in Asia Pacific, investing in Asia Private Equity since 1998. Affinity has US$14 billion of assets and funds under management, and is currently investing out of Fund V, a US$6.0 billion fund. Affinity’s investment focus encompasses Asia-Pacific with an emphasis on Korea, Australia, New Zealand, Southeast Asia, and Greater China.

About Burger King Japan

Burger King Japan is one of the fastest-growing quick-service restaurant brands in the country, offering flame-grilled burgers and premium-quality menu items. The company currently operates 311 stores nationwide and continues to expand its presence through strong product innovation, digital leadership and customer-centric service.

About Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, and real estate. Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. In Japan, Goldman Sachs has actively engaged in corporate investment activities since 1999, leveraging its global network. The firm has made private equity investments totaling over 450 billion yen in more than 40 Japanese companies.