Israel’s Paz Oil yesterday gained full ownership of the fastfood chain Burger Ranch, after acquiring the 26% of the chain’s shares it did not already own. Burger Ranch CEO Yossi Lubaton was quoted in the Jerusalem Post saying that the 100% Paz ownership “will provide Burger Ranch with the heavy investment needed for its aggressive development plans in the next few years.” Paz Oil bought 74% of Burger Ranch in 1997.
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The fast food chain, with 84 branches and 2,700 employees, is the country’s largest hamburger chain, but has only 32% market share, compared to the 47% controlled by McDonald’s and Burger King‘s 21%. The Jerusalem Post reported that Burger Ranch plans to open 10 additional branches next year, and that it recently signed an agreement with Super-Sol, in which Burger Ranch restaurants will be opened within Super-Sol supermarkets.
By Aaron Priel, just-food.com correspondent
