...Groupe Bertrand, a French leading operator of restaurant chains and hotels, is the exclusive franchise developer of the Burger King brand in France. In December 2015, it acquired the fast-food chain Quick with the goal of converting the network into Burger King restaurants by 2020. In parallel, it continues to open new Burger King restaurants (about 20-25 per year in 2017 and 2018 and 35-40 expected in 2019). Close to 60% of the company's restaurants now operate under the Burger King brand as of September 2018. So far, the rebranding has generated a meaningful uplift in average sales per store, from 1.9 million per year for a Quick restaurant to about 3.4 million for a Burger King restaurant. The company has incurred limited disruption and increased its EBITDA from 45 million in 2016 to 73 million in 2017 and around 100 million in 2018, in our base case scenario, in spite of restructuring expenses of 10 million-15 million per year and temporary store closures....
