US private equity firm Blackstone has called off plans to sell fast food chain Burger King in New Zealand, the Australian newspaper reported, saying buyers were unprepared to meet its $120 million price tag.
The New York-based private equity firm bought Burger King NZ for $108m from Australia-based Anchorage Capital Partners in 2011.
This year, Blackstone hired Deutsche Craigs to sell the New Zealand master franchise of the US-based business, with information memoranda sent out to the market.
But while the sale process attracted some interest, buyers were said to have offered much less than the $120m price that Blackstone was said to be eager to achieve, the Australian said.
The business opened in New Zealand in 1993. It has 83 restaurants and employs 2600 people.