18 Oct 2011

More deals tipped by Blackstone

7:06 am on 18 October 2011

The new owner of Burger King says it expects to make more purchases in New Zealand and Australia as it grows its presence in the Asia-Pacific region.

US-based Blackstone Group is one of the world's largest private equity investors, with US$38 billion of capital committed.

It has bought the 75-outlet Burger King chain from the Australian private equity firm, Anchorage Capital Partners. No details have been revealed of the deal.

Blackstone senior managing director Peter Rose says the chain is one of the group's first purchases in the Asia-Pacific region but it is now on the lookout for other opportunities in the region.

He says a senior representative has been moved to Hong Kong and Blackstone will be looking to purchase businesses with growth potential and the opportunity for improvement.

Mr Rose says the private equity group was impressed by the quality of people it met and says it is getting a world-class management team at Burger King and he says he sees growth for the chain both inside and outside New Zealand.