The latest plan comes as Mubadala is aiming to bolster its footprint in Latin America. Credit: rafaelnlins/Shuttertsock.com.

Mubadala Capital is looking to acquire international food franchises in Brazil, including Outback Steakhouse, to expand its Latin American portfolio, Bloomberg reported.  

Mubadala Capital, the investment arm of the Abu Dhabi sovereign wealth fund, is looking to acquire franchises that are struggling to make a profit in the country as it seeks to bolster its footprint in Latin America.

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Mubadala Capital recently assumed control of Zamp, the operator of Burger King and Popeyes outlets in Brazil, with plans to consolidate multiple foreign food franchises under one umbrella.  

Among potential acquisitions is Outback Steakhouse, an Australian-themed casual dining restaurant chain. 

The strategy aims to transform Zamp into a significant conglomerate of international food franchises.  

There are no immediate plans for management changes at Zamp.  

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Both Zamp and Mubadala have refrained from comment. Outback has dismissed the information as market speculation. 

Mubadala Capital’s investment approach focuses on mature companies that are navigating complexities or in distress yet have solid business fundamentals.

The firm is also in talks to acquire the licensing rights for Starbucks in Brazil, following the bankruptcy protection filing by its former operator, SouthRock Capital, which manages and operates brands such as Subway and Eataly. 

Mubadala Capital, a subsidiary of the Mubadala Investment Company with a sovereign wealth fund valued at $280bn, has a diverse portfolio in Brazil. Since 2012, the company has invested over $5bn in the country through Mubadala Capital.  

American private equity company Carlyle Group and Hong Kong’s Trustar Capital plan to sell their stakes in McDonald’s China and Hong Kong businesses to Mubadala Investment and Singapore-based wealth fund GIC in 2024. 

Carlyle owns 28% and Trustar owns 42% interest in the restaurant chain.