Hands, chairman of Terra Firma Capital Partners, has acquired all of fast-food
chain McDonald’s restaurants in Norway, Finland, Denmark and Sweden. Financial
terms of the deal weren’t disclosed, although reports have the sale valued at
deal includes 435 McDonald's restaurants, of which more than 95% are
franchised. According to the terms of the deal, Hands will become the
development licensee for the Nordic markets. McDonald’s will transfer its
ownership interest in the restaurants, and will grant a license to Hands to
develop and operate the restaurants.
deal is expected to close around the end of Q1 2017. As part of a turnaround
plan announced in 2015, McDonald’s committed to refranchising 4,000 restaurants
by the end of 2018 with the long-term goal of becoming 95 percent franchised.
The deal is somewhat unusual in that it gives
control over the restaurants to Hands personally, rather than to his private
equity firm Terra Firma. Hands said he plans to run the businesses with his
wife and family - his wife Julia owns a chain of British hotels.
“We plan to leverage our industry knowledge
and financial expertise, take a rigorous approach to insights and analysis and
employ a hands-on approach,” said Hands.
link: Putting Norway's Wealth into