Grupo Inversor Intelectiva acquisition of KFC Costa Rica outlets

Overview:

• Mexican family office Grupo Inversor Intelectiva has acquired 32 of 33 Costa Rican Kentucky Fried Chicken outlets from QSR International for a confidential amount. 
• QSR kept its 33rd restaurant because it was an airport location. 
• The seller developed the Quiznos, Smashburger and Teriyaki Experience franchises in Latin America and the Caribbean. 
• Luis Castro who acted for BLP on the deal highlighted the growth in Costa Rica's fast food market. “It’s been a growing sector, and in recent years there’s been talk about saturation in certain segments. The reality is that we continue to see new players come into the market, both in fast food sector and in the 'fast casual' sector.”
• According to Castro, BLP believed that the law did not require its client to get antitrust approval for this transaction, but the firm sought and won approval anyway. “Our opinion was that since our client did not have any presence in Costa Rica prior to the acquisition, no ‘merger or business combination’ occurred as a consequence of the transaction,” Castro explained. “However, in order to avoid potential delays, we chose to explain our position in a merger approval filing to the authorities who ultimately confirmed it in a ruling.”

Rani Mehta - Journalist