Tim Hortons signs agreement to expand to China

Tim Hortons signs franchise agreement with Cartesian Capital to expand to China

Tim Hortons has signed an agreement with a private equity firm to expand in China.

Under the exclusive master franchise joint venture agreement announced Wednesday, Cartesian Capital Group will develop and open more than 1,500 Tim Hortons restaurants in China over the next 10 years.

Financial terms of the agreement were not immediately available.

Tim Hortons president Alex Macedo said the company’s two main priorities are building and strengthening the brand in Canada and expanding the brand to the rest of the world.

“China’s population and vibrant economy represent an excellent growth opportunity for Tim Hortons in the coming years,” Macedo said in a statement.

“We have already seen Canada’s Chinese community embrace Tim Hortons and we now have the opportunity to bring the best of our Canadian brand to China with established partners who have expertise in the industry and the country.”

Related: Is Canada losing its love for Tim Hortons?

Related: Feces-flinging woman attacks B.C. Tim Hortons staff

Tim Hortons has more than 4,700 restaurants in Canada, the United States and around the world.

In 2012, Cartesian Capital partnered with Tim Hortons parent company Restaurant Brands International and the Kurdoglu family to develop the Burger King brand in China.

There are now more an 900 Burger King restaurants in China.

“We are excited to expand our partnership with Restaurant Brands International to bring Tim Hortons to China,” Cartesian managing partner Peter Yu said in a statement.

“Tim Hortons has a long, rich history of providing guests with quality food and premium coffee. We plan to expand that tradition to China, drawing on 20 years of experience building businesses in China and around the world.”

In addition to Tim Hortons and Burger King, Restaurant Brands owns the Popeyes brand.

Companies in this story: (TSX:QSR)

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

School District 8 swears in new board

Four new trustees join the Kootenay Lake board of education

Forestry workers set to begin job action in Kootenays

Operations in Castlegar, Cranbrook, Galloway, Elko, Radium, Golden may see job action this week.

Tigz Designs making Christmas merry for Swan Valley Lodge residents

Lori Cameron and her husband, Bill, expect to deliver 90 gift bags to Swan Valley Lodge residents.

Proportional Representation makes your vote count

We can lead the rest of the country with democratic reform.

Enhancing recreational opportunities on Basin Trails

This program is one of the ways the Trust is addressing its strategic priority to support recreation and physical activity in the region.

Saving salmon: B.C. business man believes hatcheries can help bring back the fish

Tony Allard worked with a central coast First Nation to enhance salmon stocks

High-end B.C. house prices dropping, but no relief at lower levels

But experts say home ownership remains out of reach for many for middle- and lower-income families

Worker killed in collision at B.C. coal mine

Vehicle collision occurred at approximately 10:45 a.m. this morning

B.C. asking for tips on ‘dirty money’ in horse racing, real estate, luxury cars

Action follows a Peter German report on money laundering in B.C. casinos

Canadian dead more than a week after plane crash in Guyana: Global Affairs

Global Affairs said it couldn’t provide further details on the identity of the Canadian citizen

Children between 6 and 9 eligible for $1,200 RESP grant from province

BC Ministry of Education is reminding residents to apply before the deadline

Victoria spent $30,000 to remove John A. Macdonald statue

Contentious decision sparked controversy, apology from mayor

Privacy concerns over credit card use for legal online pot purchases

Worries follow privacy breaches at some Canadian cannabis retailers

NEB approves operating pressure increase to repaired Enbridge pipeline

The pipeline burst outside of Prince George on Oct. 9, now operating at 85 per cent

Most Read