QSR International, developer of Quiznos, Smashburger and Teriyaki Experience franchises throughout Latin America and the Caribbean, announced the divestiture of 32 of its 33 KFC Costa Rican restaurants to Intelectiva Costa Rica SRL, led by Mexican businessman, Roberto González Alcalá.
This divestiture will allow QSR International to focus on growth opportunities inside and outside of Costa Rica for its three restaurant brands, stated a company press release. QSR International plans to make those brands more convenient in all of the 16 countries where it oversees 119 Quiznos, Smashburger and Teriyaki Experience restaurants.
QSR has three additional Smashburger restaurants, five additional Quiznos restaurants and one additional Teriyaki Experience restaurant currently under construction. In addition, before the end of the year, QSR will opening two new Quiznos restaurants in Medellin and Bogota, Colombia.
While some of the proceeds from the divestiture will be earmarked to accelerate the growth of both Quiznos and Smashburger in Costa Rica, a portion of the proceeds will be used for acquisitions and new Master Franchises, said QSR Co-founder and President Richard Eisenberg.
“The sale of our KFC restaurants is bitter sweet,” he said. “KFC is a brand which we truly love and was the foundation for our entire QSR enterprise. However, this divestiture will allow us to focus on expanding our Master Franchise portfolio while providing capital to accelerate the growth of both Quiznos and Smashburger in Costa Rica, where QSR is based. It also will provide the capital needed to fulfill a lifelong dream of owning a Franchisor.”
QSR International is a 120-unit, multi-brand Master Franchise restaurant developer currently conducting business in 16 countries throughout Latin America and the Caribbean.