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The Ulltveit-Moe restaurant group has owned Burger King in Norway, Sweden and Denmark for almost 20 years. Now they want to put “corrosion after industry,” and the hamburger chain has foreign owners.
Jens Ulltveit-Moe is slimming down the giant from his restaurant.
Heiko Junge / NTB
Published:,
The case is being updated …
Burger King Scandinavia AS gains a new majority owner, when investor Jens Ulltveit-Moes Umoe Restaurants sells the company to Ring Holding, based in Austria.
The transaction includes Burger King Scandinavia, including 128 wholly owned restaurants.
The chairman of the board, Jarle Roth of Umoe Restaurants, will not comment on the sale price in a telephone interview with E24. The parties agreed not to publish the price.
However, Roth says the sale is coming up now, as Umoe wants to improve his portfolio, focus on what’s left in the portfolio, and develop it further.
– We’ve had Burger King for a long time, after we bought them in the early 2000s. The chain has been growing strongly for many years. This sale is part of building a stronger, stronger company, Roth says.
Corrosion by industry
Umoe Restaurants manager Espen Hoff says this is part of the turnaround work that has been going on since last fall.
– Does that mean you need cash?
– We want to create a healthy balance. It’s about putting corrosion before nutrition. We want to make sure that we focus primarily on our own brands and the business in general in Norway. We will sharpen the portfolio and create a more secure financial base, Umoe Restaurants manager Espen Hoff tells E24.
E24 has so far failed to get a comment from Ulltveit-Moe.
Restaurants continue as before
Burger King has a total of 272 restaurants in Norway, Sweden and Denmark, divided into own and franchised. These continue as before.
Board Chairman Ralph Martens at Ring Holding says they are proud to be a part of Burger King’s development in Scandinavia.
– As a family business, our focus is long-term and we are so grateful for the trust that Umoe gives us by leaving Burger King in our hands. Our goal is to further strengthen Burger King by operating responsibly both in terms of financial success and social responsibility, through our work to preserve nature and society, Martens says in a statement.
The sale is expected to be completed by the end of the year. The final transaction is subject to an agreement on ordinary closing terms, including an agreement with Burger King Europe.
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