In the same fast-food KFC accounts for more than 20% of International Meal Company (BMI) (), brand franchisee in Brazil and also responsible for pizza Hut operations in the country. In 2024, the company obtained R $ 2.2 billion in net revenue and approximately R $ 400 million of this amount were attributed to Kentucky’s fried chicken and its variations. Here, KFC has 230 restaurants and sandwiches are more popular than breaded buckets.
with expected to be completed in the third quarter of this year, will have an inevitable impact on IMC’s revenue and operating result. But the company ensures that it was all very well sewn so that it continues to benefit from the performance of the network as a minority, while reducing its indebtedness and gains breath to finance the expansion of other brands.
In this account, enters the roasted chicken, which a few weeks ago opened its 23rd unit in Guararema, Via Dutra, the main connection between the most populous cities in Brazil – Sao Paulo and Rio de Janeiro. The investment was $ 5 million. The flag is more intensive in capital than its peers within the IMC portfolio and does not operate with franchises, a growth vector of Pizza Hut. The rhythm of expansion of the restaurant chain, admits the CEO, is below its potential.
“We didn’t grow faster due to the equity of capital allocation,” said Alexandre Santoro, in conversation with the Infomoney. “So this deal [a venda do controle do KFC] It will allow us to do more things with roasted chicken. ”
Kentucky Foods Chile has acquired KFC control in Brazil for $ 35 million. IMC continues with a minority participation of 41.7% and a seat on the joint venture. But all the expansion investment of the chain will be funded by the Chileans, who have already operated more than 500 KFC stores in Latin America.
“By not allocating capital at KFC, I reduce my capex Practically half, ”says the CEO.
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Under the management of the new controller, the fast-food It will be able to grow outside the malls. The street model requires larger contributions, but usually brings better returns. The street store has more space and opening hours longer than in the units in food squares, outside sales that are made by drive-thru.
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Expansion via conversion
In roasted chicken, BMI has found a way to reduce the cost of expansion through store conversion. Via Dutra’s new unit, for example, took advantage of the structures of Junior Durski’s Ecoparad Madero, which was on site.
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“I already had parking, bathrooms, kitchen. It was adapting everything and redoing the visual identity. capex [investimento] It is much lower, so we see a way to expand roasted chicken by conversions, ”said Santoro. Another unit should open his doors later this year on the Washington Luiz Highway, through the São José dos Campos (SP) region.
In 2024, the net revenue of the roasted chicken flag added R $ 637.4 million. EBITDA (acronym for profit before interest, taxes, depreciation and amortization) was R $ 94.5 million, with an annual increase of 5%.
Priority is to reduce debt
Santoro makes it clear that despite the expansion plans of its brands, IMC wants to prioritize the reduction of its debt and the resources obtained by selling KFC control, first, in this purpose. The company ended 2024 with a net debt of R $ 360.7 million, 22.1% higher than the negative balance registered a year earlier. Leverage measured by the relationship with Ebitda, in turn, was 2.4 times.
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“Being less indebted, we will have opportunities and invest more in roasted chicken or even another brand. But here will be an analysis of the moment. With the 15%CDI, we will be conservative. If the interest rate falls, we will have more opportunities,” says the CEO.
Recently, Santoro has completed four years in office, in a term marked by the financial discipline and the sale of a series of assets considered non-strategic. The list includes operations, Colombia and in the United States.
According to the CEO, the sale of KFC control cannot be considered a divestment. “I look like a growth accelerator and is a great solution in a macroeconomic scenario of high interest rates, having a partner to help,” he says.
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“Over time, joint venture will be capitalized by the partner, but even if the participation of IMC [que não vai aportar mais recursos] be diluted, the percentage of the company in society will be valued ”, explains the executive, who will represent the IMC in the Council of joint venture.
