Background and Relevance of Alsea
Alsea is a prominent operator of quick-service restaurants and cafeterias, managing popular brands such as Starbucks, Domino’s Pizza, and Burger King across multiple countries. The company has recently announced the sale of 17 restaurants in Chile and Spain, including Chili’s Grill & Bar, P.F. Chang’s, and TGI Friday’s.
Details of the Sale
In a press release, Alsea did not disclose the transaction value or the buyers but confirmed that the sale encompasses Chili’s Grill & Bar and P.F. Chang’s operations in Chile, as well as TGI Friday’s in Spain.
The company explained that this divestment is part of its strategy to simplify its brand portfolio, strengthen growth, and enhance profitability through more efficient operations management.
Current Holdings
As per their third-quarter report, Alsea had five Chili’s Grill & Bar and three P.F. Chang’s restaurants in Chile, along with nine TGI Friday’s locations in Spain.
Alsea’s Divestment Strategy
In October’s analyst conference, following the July-September results presentation, Christian Gurría, Alsea’s CEO, reiterated the company’s ongoing evaluation of potential divestments from non-strategic assets to concentrate on those with higher strategic and financial value.
Federico Rodríguez, Alsea’s CFO, emphasized that divesting non-core assets would not significantly impact operating cash flow (EBITDA). He stressed that the company’s priority is to bolster its key brands, such as Starbucks and Domino’s Pizza.
Previous Negotiations
In June, Armando Torrado, then-CEO of Alsea, disclosed that the company was in talks with third parties to sell some brands from their portfolio.
Post-divestment, Alsea will retain operations of 173 Starbucks and 87 Burger King restaurants in Chile, as per their third-quarter 2025 report. In Spain, they will continue managing 321 Domino’s Pizza, 164 Starbucks, 79 Ginos, 115 Vips, and 100 Foster’s Hollywood locations.
Performance in España
During the third quarter of 2025, full-service restaurant sales in Spain saw a 2.4% increase, with Foster’s Hollywood and Ginos contributing growth of 5.5% and 4%, respectively.
Although Starbucks’ progress in the Spanish market isn’t explicitly mentioned, Alsea acknowledged a strong boost in European sales, which increased by 1.6%.
Contextualizing the Sale
This divestment comes a year after Alsea sold 54 Burger King restaurants in Spain in November 2024.
Key Questions and Answers
- Who is Alsea? Alsea is a leading operator of quick-service restaurants and cafeterias, managing popular brands like Starbucks, Domino’s Pizza, and Burger King.
- Which restaurants were sold? Alsea divested 17 restaurants, including Chili’s Grill & Bar, P.F. Chang’s in Chile, and TGI Friday’s in Spain.
- Why is this sale significant? This divestment is part of Alsea’s strategy to simplify its brand portfolio, strengthen growth, and enhance profitability through more efficient operations management.
- What brands will Alsea continue to manage? Alsea will retain operations of Starbucks, Domino’s Pizza, and Burger King in Chile, along with Domino’s Pizza, Starbucks, Ginos, Vips, and Foster’s Hollywood in Spain.
- How have Alsea’s operations performed recently? In Spain, full-service restaurant sales increased by 2.4% in Q3 2025, with Foster’s Hollywood and Ginos contributing significantly to this growth.
