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

B.C. BUDGET: Surplus $374 million after bailouts of BC Hydro, ICBC

Growth projected stronger in 2020, Finance Minister Carole James says

Quesnel youth encouraged to apply for Power Pioneer awards

The BC Hydro Power Pioneers are recognizing youth who have excelled in community service

Quesnel Kangaroos take round one of playoffs versus Williams Lake

The Roos prevailed 6-4 in an exciting home game over their long time foes.

Educational Family Day fun at the Quesnel Museum and Archives

The museum provided games, scavenger hunts, snacks, a dress-up chest and free admission

‘Our entire municipality is heartbroken’: Seven children die in Halifax house fire

A man and woman remained in hospital Tuesday afternoon, the man with life-threatening injuries

B.C. BUDGET: Income assistance raise still leaves many below poverty line

$50 per month increase included in funding for poverty and homelessness reduction

B.C. BUDGET: Indigenous communities promised billions from gambling

Extended family caregiver pay up 75 per cent to keep kids with relatives

B.C. BUDGET: New benefit increases family tax credits up to 96 per cent

BC Child Opportunity Benefit part of province’s efforts to reduce child poverty

B.C. BUDGET: Carbon tax boosts low-income credits, electric vehicle subsidies

Homeowners can get up to $14,000 for heating, insulation upgrades

B.C. man survives heart attack thanks to Facebook

A Princeton man suffered a heart attack while at an isolated property with no cell service

B.C. man sues Maxime Bernier’s People’s Party over trademark

Satinder Dhillon filed application for trademark same day Maxime Bernier announced the new party

New trial ordered over banning whales, dolphins at Vancouver aquarium

Park board’s appeal reverses previous decision that found it had no right to implement a ban

Make sure measles shots up to date, Public Health Agency says

Measles causes high fever, coughing, sneezing and a widespread painful rash

Most Read