NEW YORK — Publicly-traded Burger King Holdings Inc. has been acquired by New York-based private-investment firm 3G Capital Management Inc. for US$24 a share, or some US$4 billion.

The deal is expected to close before year-end and the company to be privatized. Burger King’s shares closed at US$16.45 on Aug. 31 with the sale price representing a 46 per cent premium before rumours of the impending deal surfaced. A Burger King press release also indicated the QSR chain is permitted to solicit better offers through mid-October.

CHICAGO — New franchise agreements remain the cornerstone of growth at American restaurant chains, according to a new report from Technomic, a Chicago-based research and consulting firm.

In light of the recent recession, franchisees have benefited from franchisor incentives like better credit support, fee reductions and temporarily reduced royalty rates.

“A focus on growing the franchise system allows franchisors to spend less on restaurant-level operations and redirect capital toward system-wide marketing and brand initiatives,” explains Darren Tristano, executive vice-president at Technomic.

CHICAGO — If you try and pinpoint the opposite of the slow-food movement, with its simmering anti-industrialized food attitudes, you might settle on cola, as public enemy number 1. But it wasn’t always the mass-produced item it is today. And now, Harvest restaurant, at the Chicago Marriott Downtown Magnificent Mile, is bringing back the old-fashioned soda-shop feel with its house-made cherry cola.

Harvest produces its cola from farm-fresh Michigan cherries cooked down to create that familiar sweet flavour. The Chicago Marriott culinary team works alongside Ron Filbert, who owns Filberts Root Beer Co., to combine carbonated water, sugar, natural cola flavour and other simple ingredients to make fresh local cherry cola.

OAK BROOK, Ill. — McDonald's has named Steve Easterbrook, current president and CEO of McDonald's United Kingdom and president of Europe's Northern Division, to the newly created position of executive vice-president and global chief brand officer.

According to a company release, the position was designed to encompass marketing, menu innovation, consumer insights and other global brand assets. Easterbrook will also provide strategic leadership on corporate social responsibility and restaurant architecture.