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

Free farm succession planning workshop in Creston

The one-day workshop provides an overview of the succession planning process followed by detailed presentations by farm succession experts in accounting, law, insurance, and financing.

Teachers’ Association protests committee appointment process

Newly elected school trustee Al Gribbin’s request to sit on the Kootenay… Continue reading

Biologists discover another female calf in depleted South Purcell Mountain Caribou herd

Calf will be moved to Revelstoke maternity pens, then released

Save on Foods raises $3436.92 for Canyon Lister Elementary School

Canyon Lister Elementary School feeds breakfast to 225 children per week.

And the nominees are…

The awards cover a range of categories to honour businesses and organizations in the Creston Valley.

Regional news recap

A quick recap of the top news stories this week in Cranbrook, Creston, Fernie and Kimberley.

Judge rules Abbotsford home must be sold after son tries to evict mom

Mom to get back down payment and initial expenses

Trump officially declares national emergency to build border wall

President plans to siphon billions from federal military construction and counterdrug efforts

Snow turns to slush, rain as it warms up across B.C.’s south coast

Some areas are already covered by more than half a metre of snow following three separate storms

Father to be charged with first-degree murder in Amber Alert case

11-year-old Riya Rajkumar was found dead in her father’s home in Brampton, Ontario

Police track armed kidnapping across Thompson-Okanagan

RCMP allege it was a targeted crime believed to be linked to the drug trade

St. Paul’s Hospital replacement slated to open in Vancouver in 2026

Announced many times, but this time there’s money, Adrian Dix says

Fourteen ‘dream’ homes ordered evacuated as sinkholes open in Sechelt

Sinkholes throughout the subdivision have prompted the District of Sechelt to issue evacuation orders

Olympian Rhoda Wurtele visits Fernie; reveals secret to skiing at 97

Rhoda Wurtele and her identical twin sister Rhona represented Canada at the 1948 Olympics

Most Read