An Australian private equity firm has bought the fast-food chain Burger King in a major trans-Tasman deal.
Anchorage Capital Partners has bought the 71-outlet chain from Tasman Pacific Foods for an undisclosed sum. Anchorage partner Mark Bayliss will take over as chairman.
The company plans to invest in the brand and boost the number of outlets.
Like other private equity players, Anchorage specialises in buying under-performing companies, turning them around and selling them at a profit within a couple of years.
Its previous investments include Australian food manufacturer Golden Circle, which it sold to Heinz last year.