RBE has been owned by British private equity firm Cinven since 2021 and manages the three restaurant brands across the Iberian market. Cinven is currently exploring a sale of the business, with investment bank Morgan Stanley advising on the process. Industry reports suggest the company could be valued at more than €3 billion, including debt.

According to Expansión, Mubadala has already hired advisers to support its preparations for a possible offer. While no formal bid has been publicly announced, the Abu Dhabi-based investor has an extensive track record in Spain. Its investments include a partnership with Cinven in Universidad Alfonso X El Sabio (UAX), a joint ownership stake in energy company Moeve (formerly Cepsa) alongside Carlyle, and ownership of technology consultancy Babel. Mubadala also holds interests in healthcare, industrial businesses and renewable energy projects through Masdar.

Other investment groups, including KKR, CVC and TDR Capital, have reportedly examined the opportunity but are no longer considered active participants in the sale process.

The potential transaction comes amid strong growth at RBE. The company has expanded significantly since Cinven acquired its majority stake in 2021, increasing earnings and growing its restaurant network across Spain and Portugal. RBE also operates Popeyes in Italy and has previously explored opportunities to expand its Burger King presence in the country.

According to Spanish financial newspaper Cinco Días, RBE currently operates more than 1,000 company-owned restaurants and works with over 400 franchised locations across its brands. The company recently rebranded from Restaurant Brands Iberia to Restaurant Brands Europe to reflect its broader European ambitions.

Neither Mubadala nor Cinven has publicly confirmed any transaction, and the sale process remains ongoing.