Burger King

Burger King Corporation, restaurant company specializing in flame-broiled food hamburgers. It is the second largest hamburger chain the United States, after McDonald’s. In the early 21st century, Burger King claimed to have about 14,000 stores in nearly 100 countries. Headquarters are in Miami, Florida. According to the company, Burger King was started in 1954 by James W. McLamore and David Edgerton in Miami. Other sources, however, trace Burger King back to Insta-Burger King, a venture founded in Jacksonville, Florida, by Keith Kramer and Matthew Burns in 1953. McLamore and Edgerton sold their first franchises in 1959, and Burger King soon became a national chain. The company expanded ouside the United States in 1963 with a store in Puerto Rico. Persistently lagging behind McDonald’s in sales and profitability, Burger King underwent many changes of ownership and corporate governance. In 1967 it was sold to the Pillsbury Company, which, in the late 1970s, brought in Donald N. Smith, a former McDonald’s executive, who revitalized Burger King by expanding the menu and tightening control of franchisees. Pillsbury was itself acquired by the British company Grand Metropolitan (Grand Met) PLC in 1989. Grand Met became Diageo PLC after its merger with the Irish brewer Guinness PLC in 1997. Diageo sold Burger King in 2002 to a consortium of private equity financiers, namely the Texas Pacific Group, Bain Capital, and Goldman Sachs Capital Partners.