Cinven has controlled Restaurant Brands Europe since 2021 and doubled its size to 1,442 restaurants across Spain, Portugal and Italy. RBE is now at the centre of a proposed takeover plan after Mubadala's exclusive negotiations collapsed.
Gregorio Jiménez, RBE's president and second-largest shareholder with more than 20% of the capital, is discussing an alliance with the family of Iberdrola chairman Ignacio Sánchez Galán and the Costa Cerezuela family. The group wants to assemble a controlling bloc with 51% of RBE and bring in other investors for the remaining 49%.
The structure would value the business at between €2.1 billion and €2.5 billion, including debt, with an equity portion of around €1 billion. Peninsula Capital, where Borja Prado is one of the managing partners, and Corporación Financiera Alba are among the investors interested in joining the transaction.
The proposed ownership model would spread the financing while retaining majority control.
Mubadala could still return as a minority shareholder. The sovereign investor tried to acquire RBE during the summer but did not complete the purchase. Cinven entered exclusive negotiations with Mubadala after groups including Apollo, Meritage, KKR, CVC and TDR showed interest.
Buyer interest was not the obstacle. Restaurant Brands International, Burger King's parent company, opposed the transaction and must approve any change in RBE's majority ownership. That requirement ended the Mubadala deal in July and remains basic to the new proposal.
RBE has become a valuable asset in RBI's franchise network. Its revenue has passed €2 billion, and the group has maintained double-digit growth while producing some of the strongest margins among RBI's master franchises.
RBI has reported nearly $49 billion in system-wide sales, more than 33,000 restaurants and a presence in more than 120 countries. Its portfolio includes Burger King, Tim Hortons, Popeyes and Firehouse Subs. In the second quarter of 2026, RBI reported comparable sales growth of 3.8%, system-wide sales growth of 6.4% and net restaurant growth of 2.9%. These figures relate to the parent group, not RBE's financial results.
That scale helps explain the interest from financial groups and prominent Spanish investors. The prospective buyers are seeking control of a large master franchise operation, and RBI's approval is decisive. The specific contract terms for a change of control at RBE are not set out here.
The timing also matters for Cinven. The possible sale follows its exit from Masorange and comes as the investment firm works on the divestment of Accumin. Morgan Stanley and Clifford Chance are advising on the RBE process, as reported in the earlier report.
RBI's corporate disclosures include a quarterly report on Form 10-Q filed on August 6, 2026. The filing is a primary document for checking RBI's reported operations. The specific terms governing a change in RBE's majority ownership would need to be checked against the filing and the applicable franchise agreements.
No sale has been completed, and no majority transfer has been approved. The negotiated structure centres on Jiménez, the Galán and Costa families, and possible minority investors. The proposed valuation of €2.1 billion to €2.5 billion describes a potential transaction, not a completed deal.
The reported negotiations, proposed valuation, 51% voting bloc, participation of Peninsula Capital and Corporación Financiera Alba, and possible return of Mubadala as a minority investor have not been independently confirmed. RBI's consent remains the condition that could decide the deal.
