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☆ McDonald's raises China bet, bucking Western firms' derisking trend
▼ + stars: | 2023-12-04 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +4 min

[1/5] A woman sits on a swing attached to a giant sign of McDonald's, outside its themed exhibition in Beijing, China December 4, 2023. One advantage for McDonald’s: its majority partner in the China business, CITIC, provides top-level political cover, said Jason Yu, greater China managing director of market research firm Kantar Worldpanel. McDonald's China, Carlyle Group and CITIC declined to comment. Other consumer-facing U.S. firms, including Starbucks (SBUX.O), Apple (AAPL.O), Coach owner Tapestry (TPR.N) and sportswear giant Nike (NKE.N), have remained similarly dedicated to the China market. Although the McDonald's China menu would be familiar to U.S. consumers, there are nods to local tastes, including taro pie, rather than apple.

Persons: Tingshu Wang, McDonald's, Jason Yu, Kantar, Yu, Carlyle, Wallace, Greg, Euromonitor, Ben Cavender, Casey, Kane Wu, Deborah Sophia, Gerry Doyle Organizations: REUTERS, Rights, Group, Carlyle Group, Starbucks, Apple, Nike, Research, Investment, China Market Research, Casey Hall, Thomson Locations: Beijing, China, U.S, Hong Kong, Macau, Yum China, Russia, Shanghai, Bengaluru

The deal to acquire investment firm Carlyle's (CG.O) 28% holding in the burger chain's China business, which also includes its stores in Hong Kong and Macau, will see McDonald's stake rise to 48%. Since 2017, the number of McDonald's stores in China has doubled to 5,500 and the country has become its second-largest market. McDonald's made an unsolicited offer for Carlyle's stake in the China operations in recent weeks and the deal was struck quickly, said the sources. Reuters reported in August that Trustar Capital was planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China. In contrast to McDonald's, U.S. meat and processed food maker Tyson Foods (TSN.N) plans to sell its China poultry business, sources have said.

Persons: Benoit Tessier, Chris Kempczinski, McDonald's, Carlyle, Trustar, Jim Sanderson, Reckitt, Kane Wu, Granth, Deborah Sophia, Roxanne Liu, Edwina Gibbs Organizations: REUTERS, HK, CITIC, Trustar, Northcoast Research, Reuters, Tyson Foods, Primavera Capital, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, CITIC, U.S, McDonald's China, British, Bengaluru, Beijing

The McDonald's company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 20 (Reuters) - McDonald's (MCD.N) said on Monday it would acquire investment firm Carlyle's (CG.O) 28% stake in a partnership that manages its business in mainland China, Hong Kong and Macau, as the burger chain looks to simplify its structure in the region. Reuters reported in April that Carlyle was discussing various options with financial advisers for its stake in McDonald's China, including setting up a continuation fund for the asset. There was "no better time to simplify our structure" given the benefits of China's long-term potential, McDonald's CEO Chris Kempczinski said. Reuters reported in August that Trustar Capital, formerly known as CITIC Capital, was also planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China.

Persons: Benoit Tessier, Carlyle, Chris Kempczinski, Jim Sanderson, Granth, Deborah Sophia, Anil D'Silva, Shounak Dasgupta, Shweta Agarwal Organizations: REUTERS, CITIC, HK, Reuters, CITIC Ltd, Northcoast, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, McDonald's China, Bengaluru

☆ Trustar plans to raise fund to manage McDonald’s China stake -sources
▼ + stars: | 2023-08-28 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

HONG KONG, Aug 28 (Reuters) - Chinese private equity firm Trustar Capital is planning to raise a so-called continuation fund that would allow it to sell down its stake in McDonald's China, two sources with knowledge of the matter said. That plan would be achieved by Trustar, formerly known as CITIC Capital, transferring some equity interest in McDonald's China from its private equity (PE) fund into the continuation fund, a new investment vehicle that would manage the asset. Currently, Trustar owns 42% of the business, while Carlyle and CITIC own 28% and 10% respectively, according to McDonald's China. Carlyle has also been considering options for its stake in McDonald's China, including setting up a continuation fund, Reuters has reported. "McDonald's China will continue to leverage the capital and other resources from CITIC (Trustar), Carlyle, and McDonald's Corp to achieve the future milestone of 10,000 stores," said McDonald's China.

Persons: Trustar, Mubadala, Carlyle, CITIC, Kane Wu, Yantoultra Ngui, Sophie Yu, Sumeet Chatterjee, Mark Potter Organizations: Trustar, Trustar's PE, McDonald's Corp, CITIC, HK, Carlyle Group, Reuters, Bloomberg, Thomson Locations: HONG KONG, McDonald's China, China, Trustar's, Abu, Chicago, CITIC, Hong Kong, Singapore, Beijing

☆ McDonald's China owners Carlyle, Trustar plan $4 billion exit - Bloomberg News
▼ + stars: | 2023-07-13 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

The logo of McDonald's is seen at its restaurant in Hong Kong, China August 27, 2021. REUTERS/Tyrone Siu/File Photo(Reuters) -Carlyle Group Inc and Trustar Capital are planning to raise $4 billion from wealth funds to buy part of their stakes in McDonald’s Corp operations in Hong Kong and mainland China, Bloomberg News reported. All stakeholders are highly aligned on the process,” McDonald’s China said in an emailed response to Reuters on Thursday. The asset managers aim to reach an agreement with investors in the fourth quarter of this year, the report added. Reuters had reported in April citing two people with knowledge of the matter that the U.S.-based private equity firm was discussing various options including setting up a continuation fund with financial advisers for its stake in McDonald’s China.

Persons: Tyrone Siu, Carlyle, Mubadala, GIC Organizations: REUTERS, Carlyle Group Inc, Trustar, McDonald’s Corp, Bloomberg News, Reuters, McDonald’s, Shareholders, Mubadala Investment, GIC Locations: Hong Kong, China, McDonald’s China, U.S

☆ McDonald's China owners Carlyle, Trustar plan $4 bln exit - Bloomberg News
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Carlyle Group Inc (CG.O) and Trustar Capital are planning to raise $4 billion from wealth funds to buy part of their stakes in McDonald's Corp (MCD.N) operations in Hong Kong and mainland China, Bloomberg News reported. All stakeholders are highly aligned on the process," McDonald's China said in an emailed response to Reuters on Thursday. The asset managers aim to reach an agreement with investors in the fourth quarter of this year, the report added. Carlyle declined to comment, while GIC did not immediately respond to a Reuters request for comment. Reuters had reported in April citing two people with knowledge of the matter that the U.S.-based private equity firm was discussing various options including setting up a continuation fund with financial advisers for its stake in McDonald's China.

Persons: Carlyle, Mubadala, GIC, Shubhendu Deshmukh, Brenda Goh, Urvi, Rashmi Organizations: Carlyle Group Inc, Trustar, McDonald's Corp, Bloomberg News, Reuters, McDonald's, Shareholders, Mubadala Investment, GIC, Thomson Locations: Hong Kong, China, McDonald's China, U.S, Bengaluru

☆ Carlyle eyes fresh backers for McDonald's China arm - Bloomberg News
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Carlyle Group Inc (CG.O) is considering bringing in fresh backers for its investment in McDonald's Corp's (MCD.N) China operations, seeking a valuation of $8-$10 billion for the business, Bloomberg News reported on Friday. Carlyle, which controls McDonald's China along with Trustar Capital, could sell down part of their stakes in the fast-food giant in the deal while still retaining control, the report added, citing people familiar with the matter. In 2017, the U.S fast-food chain agreed to sell most of its China and Hong Kong business to CITIC and Carlyle for up to $2.1 billion. Trustar Capital is a private equity affiliate of CITIC Capital Holdings. Carlyle, McDonald's and Trustar did not immediately respond to a Reuters request for comment.

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