Alsea

What Alsea does

Alsea, S.A.B. de C.V. is the largest restaurant operator in Latin America and a major European operator, headquartered in Mexico City and publicly traded on the Mexican Stock Exchange (BMV) under ticker ALSEA. Founded in 1990 as the master franchisee for Domino's Pizza in Mexico, the company has grown into a multi-brand, multi-country operator managing 4,807 restaurant units across 12 countries (Mexico, Argentina, Chile, Colombia, Uruguay, Paraguay, Spain, France, Portugal, Netherlands, Belgium, and Luxembourg) as of Q1 2026. Alsea's portfolio spans three segments — Quick Service Restaurants (Domino's Pizza, Burger King, Raising Cane's), Coffee Shops/Cafeterias (Starbucks under a licensing agreement renewed through 2046), and Full-Service Restaurants (Chili's, P.F. Chang's, The Cheesecake Factory, Italianni's, Vips, Foster's Hollywood, Ginos, and Chipotle Mexican Grill) — operated through company-owned restaurants and sub-franchise arrangements. Mexico accounted for 57.9% of Q2 2026 consolidated revenue at MX$12.16 billion, with Europe (particularly Spain) as the second-largest region. The business is asset-heavy operationally — restaurants, distribution centers (including Distribuidora e Importadora Alsea, or DIA), and franchise rights — rather than technology-driven.

Alsea generates revenue primarily by operating restaurants directly and through sub-franchise models, paying royalties to brand owners (Starbucks, Domino's, Burger King, Chipotle, Raising Cane's) while collecting end-customer sales and franchise fees. Its go-to-market is a partnership-driven franchise model: Alsea secures master franchise or development rights for global brands in specific territories, then develops and operates locations — most recently signing a development agreement with Chipotle Mexican Grill (April 2025, first store opened July 2026 in Nuevo León) and Raising Cane's (December 2025, first store expected 2H 2026). The customer base is the general consumer across demographics in Latin America and Europe, served through 12 distinct brand experiences; secondary segments include entertainment/event-driven consumers (e.g., FIFA World Cup-related spending). Pricing is brand-specific and not publicly disclosed. Supporting infrastructure includes integrated supply chain (DIA), digital loyalty (Starbucks Rewards at ~40% of Mexico sales), and payment partnerships (Adyen).

Recent strategic activity reflects portfolio rationalization and renewal of franchise relationships: divestitures of Burger King Spain (December 2024) and Chili's/P.F. Chang's Chile (November 2025); the Chipotle and Raising Cane's entries; the long-term Starbucks licensing renewal through 2046; and a CEO transition in May 2025 to Christian Gurria Dubernard. The company also disclosed acquisition interest in La Casa de Toño (~$400 million, late 2025). Despite active pipeline expansion, Q2 2026 results showed only ~1% revenue growth and a 48.4% YoY decline in net income, signaling near-term margin pressure even as forward brand additions build optionality.

Name

Alsea

Legal name

Alsea, S.A.B. de C.V.

Website

https://alsea.com.mx

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Alsea is the largest restaurant operator in Latin America and a major European operator, running 4,807 franchised and company-owned units across 12 countries under brands such as Starbucks, Domino's, Burger King, Chipotle, Chili's, and Vips. It generates revenue by operating global restaurant brands under master franchise and licensing agreements.

Ownership category

akta.pro rank

Product category

Restaurant Operations

NAICS

Restaurants and Other Eating Places (72251), Limited-Service Restaurants (722513), Full-Service Restaurants (722511)

SIC

Retail-Eating & Drinking Places (5810)

akta.pro primary industry

Multi-Concept / Global QSR Chains (Mixed Menus) (THAFAAAO)

akta.pro secondary industry

Coffee Chains & Franchise Cafes (THAFADAB)

Keywords

• Restaurant operations
• Quick service restaurants
• Casual dining
• Coffee shop operations
• Franchise management

Headquarters

HQ city

Mexico City

HQ country

Mexico

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Franchise Restaurant Operations: Alsea generates revenue by operating restaurants under franchise agreements with global brands. The company operates Quick Service Restaurants (Domino's Pizza, Burger King), Coffee shops (Starbucks), and Full-Service Restaurants (Chili's, P.F. Chang's, The Cheesecake Factory, Italianni's, Vips, Foster's Hollywood, Ginos). Revenue comes from company-owned restaurants and franchise/sub-franchise fees.
2. Franchise Fees and Royalties: As a master franchisee, Alsea pays royalties and franchise fees to brand owners (Starbucks, Domino's, Burger King, etc.) while collecting revenue from end customers at its operated locations.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels1 record

Core offering

Alsea operates as the master franchisee and operator of globally recognized restaurant brands across Latin America and Europe. The company runs Quick Service Restaurants (Domino's Pizza, Burger King, Raising Cane's), Coffee Shops (Starbucks), and Full-Service Restaurants (Chili's, P.F. Chang's, The Cheesecake Factory, Italianni's, Vips, Foster's Hollywood, Ginos, Chipotle Mexican Grill) through company-owned units and sub-franchise arrangements across 12 countries.

Product overview

Alsea operates as the leading restaurant operator in Latin America and Europe, managing a portfolio of 12 brands across three segments: Quick Service Restaurants (Domino's Pizza, Burger King, and Raising Cane's), Coffee Shops/Cafeterias (Starbucks), and Full-Service Restaurants (Chili's, P.F. Chang's, The Cheesecake Factory, Italianni's, Vips, Vips Europa, Foster's Hollywood, Ginos, and Chipotle Mexican Grill). With 4,807 units across 12 countries as of Q1 2026, Alsea functions as both a master franchisee operating international brands under licensing agreements and an owner-operator of regional concepts. The company operates across Mexico (2,520 units), Spain (405 units), Argentina (243 units), Colombia (158 units), Chile (231 units), Uruguay (24 units), France (261 units), Netherlands (94 units), Belgium (32 units), Portugal (33 units), Luxembourg (19 units), and Paraguay. Recent strategic developments include the 2026 launch of Chipotle in Mexico and pilot of Starbucks Coffeehouse Uplift initiative, reflecting portfolio optimization toward higher-return brands.

Differentiator

Problem solved

Functional benefit

Brands

• Domino's Pizza: Quick service pizza delivery restaurant brand operated by Alsea in Mexico and other markets
• Starbucks
• Burger King
• Chili's
• P.F. Chang's
• The Cheesecake Factory
• Italianni's
• Vips
• Foster's Hollywood
• Ginos
• Vips Europa
• Chipotle
• Raising Cane's
• Fundación Alsea
• Va por mi cuenta

Products and services

• Domino's Pizza Global pizza delivery chain operated by Alsea across Mexico, Spain, Colombia, Uruguay, and other markets with 1,554 units under franchise.
• Starbucks Global coffeehouse brand operated by Alsea as the licensed operator across 1,969 locations spanning Mexico, Argentina, Uruguay, Colombia, Chile, France, Netherlands, Belgium, Luxembourg, and Portugal.
• Burger King Global fast food hamburger chain known for its 'Whopper' grilled burger, operated by Alsea as franchisee across Mexico, Argentina, and Chile.
• Chili's Grill & Bar American casual dining chain specializing in ribs, burgers, and southwestern cuisine, operated by Alsea across Mexico and Chile.
• P.F. Chang's Asian-inspired full-service restaurant chain operated by Alsea across Mexico. Chilean operations divested to Lucens Capital in November 2025.
• The Cheesecake Factory American restaurant chain known for its extensive menu and signature cheesecakes, operated by Alsea in Mexico.
• Italianni's Italian restaurant chain offering pasta, pizza, and Mediterranean cuisine, operated by Alsea across 76 locations in Mexico.
• Vips Mexican family restaurant chain, the largest in Mexico with over 230 locations offering all-day dining with signature items like the Vips Club sandwich and Swiss enchiladas.
• Vips Europa Spanish restaurant chain with over 100 locations across Spain, featuring international cuisine with signature items like sandwiches, pancakes, and milkshakes.
• Foster's Hollywood American-style restaurant chain operating 203 locations across Spain, known for burgers, ribs, and American cuisine.
• Ginos Italian restaurant chain with over 100 locations across Spain and Portugal, specializing in Italian cuisine with imported ingredients from various regions of Italy.
• Chipotle Mexican Grill (Mexico) American fast-casual chain known for tacos, burritos, and bowls, operated by Alsea in Mexico under a development agreement with plans for expansion to Mexico City by 2027.
• Raising Cane's (Mexico) American chicken finger chain planned for Mexico operations under development agreement with Alsea, with first restaurant expected in the second half of 2026.
• Archie's Colombia Colombian casual dining restaurant chain operated by Alsea across multiple locations in Colombia.

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Partnerships

Three partnerships are on record, tiered core.

• StarbuckscoreOEM/ Whitelabel/ Licensing Partner · 19 May 2026Alsea and Starbucks renewed their licensing agreement through 2046, marking nearly 25 years of collaboration. Mexico is the pilot market for Starbucks' global Coffeehouse Uplift initiative, shifting focus from store expansion to customer experience, digital engagement, and store renovations. Alsea operates over 1,950 Starbucks locations across 12 markets in Latin America and Europe.
• Raising Cane'scoreChannel Partner/ Reseller/ Distributor · 8 December 2025Alsea signed a development agreement with U.S. chicken-finger chain Raising Cane's to open restaurants in Mexico. The first Raising Cane's location in Mexico is expected to open in the second half of 2026, with plans for further regional expansion across Mexico.
• Chipotle Mexican GrillcoreChannel Partner/ Reseller/ Distributor · 21 April 2025Alsea signed a development agreement with Chipotle Mexican Grill to open and operate Chipotle restaurants in Mexico. The first location opened on July 16, 2026 in San Pedro Garza García, Nuevo León. Plans include 6-8 additional stores in Monterrey within 14 months before expanding to Mexico City in 2027. Alsea bears construction and operational risk while leveraging its local market expertise.

Scale indicators11 records

Recent moves16 records

Expansion highlights6 records

Broad incumbents

• Starbucks Corporation: NASDAQ-listed global coffeehouse brand and master licensor to Alsea for Latin America and Europe. Not a direct competitor in Alsea's markets, but the renewed 2046 licensing relationship defines Alsea's largest segment by units.
• Restaurant Brands International: NYSE-listed owner of Burger King (a brand Alsea operates in Mexico, Argentina, and Chile), Tim Hortons, Popeyes, and Firehouse Subs. Broader incumbent brand owner rather than franchisee operator, but central to Alsea's portfolio economics.
• Yum! Brands: NYSE-listed parent of KFC, Pizza Hut, Taco Bell, and Habit Burger. While not a direct franchise operator, Yum's brand strategies and franchise economics directly affect AmRest and other peers with comparable economics to Alsea.
• McDonald's Corporation: NYSE-listed global QSR incumbent whose Latin American operations (via Arcos Dorados) directly compete with Alsea's Burger King, Domino's, and now Chipotle offerings in core Mexican and Argentine markets.

Direct peers

• AmRest Holdings: Warsaw-listed multi-brand restaurant operator running KFC, Pizza Hut, Burger King, and Starbucks across Central and Eastern Europe. Highly comparable to Alsea's European footprint with similar master franchisee economics and integrated operations across multiple markets.
• Jubilant FoodWorks: India-listed master franchisee of Domino's Pizza and operator of Dunkin' and other brands. Comparable emerging-market multi-brand franchisee model with similar royalty obligations and unit-growth-led strategy.
• Domino's Pizza Enterprises: ASX-listed master franchisee of Domino's Pizza across Australia, New Zealand, Japan, and Europe. Comparable master franchisee model with brand-level concentration but similar unit-economics and royalty structure to Alsea's Domino's operations.
• Arcos Dorados Holdings: NYSE-listed master franchisee of McDonald's across 20 Latin American countries. Most directly comparable to Alsea given similar multi-brand restaurant operator model, geographic overlap in Latin America, and franchise-fee-driven revenue structure.
• Yum China Holdings: NYSE-listed operator of KFC, Pizza Hut, and Taco Bell in China. Comparable multi-brand QSR operator with similar licensee economics, though with stronger scale and growth trajectory in a single dominant market.

Regional players

• Grupo Axo: Mexican multi-brand operator of brands like Victoria's Secret, Bath & Body Works, and Brooks Brothers in Mexico. Alsea holds a minority participation in Grupo AXO; relevant as a regional multi-brand retail/franchise operator in Mexico.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/somosalsea
• LinkedInlinkedin.com/company/alsea

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alsea