Arab fund buys 16.8% stake from Fitpart

22/02/2024

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Zamp operates Burger King and Popeyes restaurants in Brazil — Foto: Divulgação

Changes in the shareholding position of partners in Zamp, the operator of Burger King and Popeyes restaurants in Brazil, should bring forward a move involving the future of the company.

On Tuesday evening (20), Zamp announced the definitive withdrawal of funds from Fitpart Fund Administration Services. FitPart reduced its 16.8% share to zero.

According to sources familiar with the matter, the asset manager was against the decision to remove Zamp from Novo Mercado, the strictest governance segment of B3. This was something advocated by the Arab fund Mubadala Capital and supported by RBI, a company partly owned by 3G Capital, and in this scenario FitPart decided to step down.

Controlled by billionaires Jorge Paulo Lemann, Marcel Telles, and Beto Sicupira, 3G Capital owns 29% of RBI, which controls the Burger King brand worldwide.

With the votes of RBI and Mubadala, Zamp’s withdrawal from Novo Mercado was approved at an extraordinary shareholders’ meeting in January.

However, Fitpart (a family office of former Banco Garantia shareholders), on the side of the minority shareholders opposed to the measure, decided to sell its position in the company, which according to sources passed into the hands of Mubadala, as Valor reported on Tuesday.

Mubadala announced to the market on Wednesday the purchase of American Depositary Receipts (ADRs) representing 16.8% of Zamp’s capital.

In addition to the ADRs, Mubadala now holds 2.9% of the capital in derivative instruments, which increased its position in the company to 58.3% from 38.5%.

In this way, the Arab fund took control of the Burger King operator—and began to decide on the company’s next strategic steps.

“The acquirers [funds and companies linked to Mubadala] will begin to act actively in their meetings,” it said in a statement on Wednesday.

RBI, through the vehicle Burger King do Brasil, holds 9.4% of the shares, with 34% available for trading on the open market.

It was also announced to the market on Tuesday evening that Hugo Segre Junior, a member of the board of directors of Zamp and linked to Fitpart since 2018, had decided to resign. This was expected by the market, given the asset manager’s disagreements with the position of Mubadala and 3G.

These changes, which took place in the last 48 hours, come on top of another in progress that could give Zamp a new direction.

Mubadala is negotiating directly with the American parent company of Starbucks to acquire the chain’s license in Brazil, as Valor reported on Wednesday.

Zamp confirmed Wednesday morning that it was negotiating an agreement with Starbucks involving the brand and operations. Currently, around 130 stores are operated by SouthRoch Capital, which has filed for court-supervised reorganization in November, but the company has lost its license.

Now that Zamp is outside the Novo Mercado, it can make an acquisition—and be included in a transaction—without much difficulty. Companies on the Novo Mercado cannot be merged with others outside that segment of the exchange.

FitPart declined to comment on the matter.

*Por Adriana Mattos — São Paulo

Source: Valor International

https://valorinternational.globo.com/