Burger King Worldwide said Wednesday it has sold its Canadian subsidiary, including 94 company-owned restaurants, to Redberry Investments.KEVIN LAMARQUE/Reuters
Burger King Worldwide said Wednesday it has sold its Canadian subsidiary, including 94 company-owned restaurants, to Redberry Investments.
Financial terms surrounding the sale of Burger King Restaurants of Canada, which makes Redberry the brand's master franchisee in Canada, were not disclosed.
However, as part of the agreement, Redberry will implement a new restaurant opening program and an aggressive restaurant remodelling strategy.
The strategy includes re-imaging restaurants to the company's global 20/20 design in the next three years.
Quebec-based Redberry is privately owned and operated by three shareholders, Robert Laverdure, Andreas Kragaris and Christian LeBrun.
The company says it is "set" to have offices in Montreal, Toronto, Calgary and Detroit.
Founded in 1954, Burger King is the world's second-largest fast food hamburger chain with more than 12,900 locations in 86 countries and territories.