According to Burger King’s 2012 Annual Report, Burger King Worldwide, Inc. (Burger King) is a Delaware corporation formed on April 2, 2012 and the indirect parent of Burger King Corporation, a Florida corporation that franchises and operates fast food hamburger restaurants, principally under the Burger King brand. The company is the world’s second largest fast food hamburger restaurant (FFHR) based on total number of restaurants. As of December 31, 2012, Burger King owned or franchised a total of 12,997 restaurants in 86 countries and U.S. territories. Of these restaurants, 418 were Company restaurants and 12,579, or approximately 97% of all Burger King restaurants were owned by franchisees. Burger King’s restaurants are limited service restaurants that feature flame-grilled hamburgers, chicken and other specialty sandwiches, french fries, soft drinks and other affordably-priced food items. Burger King was founded in 1954 when James McLamore and David Edgerton opened the first Burger King restaurant in Miami, Florida and introduced its signature Whopper sandwich in 1957. In October 2010, Burger King was acquired by 3G Capital Special Situations Fund II, L.P. (3G), which is controlled by 3G Capital Partners, Ltd., an investment firm based in New York (3G Capital). According to De La Merced (2010), the deal was the largest leveraged buyout of a fast-food chain ever, according to the market researcher CapitalIQ, and the second for Burger King in the last eight years. On June 20, 2012, upon a merger with a subsidiary of Justice Holdings Limited (“Justice”), Burger King changed its name to Burger King Worldwide, Inc. and became a public company once more by listing its shares on the New York Stock Exchange under the symbol “BKW.” The company believes that its restaurants appeal to a broad spectrum of consumers, with multiple day parts appealing to different customer groups. During its more than 50 years of operating history,...
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