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

Residents raise concern over cannabis bylaw bid

Editor’s note: this story has been revised for clarity. Burns Lake residents… Continue reading

Broken axle caused New Hazelton train derailment: TSB

It could happen again without a different way to inspect trains

Cullen remains uncertain about political future

Says he’ll make decision in early March

Terrace resident’s bill banning single-use plastics introduced in Ottawa

MP Nathan Cullen’s presented Ben Korving’s private member’s bill Wednesday

Ex-Burns Lake resident wanted for murder

Police are searching for a former resident of Burns Lake who is… Continue reading

Indigenous leaders, politicians say Trans Mountain report flawed

The National Energy Board has endorsed an expansion of the Trans Mountain pipeline a second time

UPDATE: B.C. ticket holder winner of $25.9-million Lotto Max jackpot

Next draw set for Mar. 1 with an estimated jackpot of $10 million

B.C.-based ‘Team Tardi’ bring home gold in junior curling worlds

In a 9-4 victory over Switzerland, a Langley-based curling team earned its 2nd straight world title

People gather for funeral of seven children killed in fast-moving Halifax fire

Traditional portion of the service will be followed by words from community members

B.C. weavers to help Alaska Native project honouring survivors of violence

Dozens of Chilkat and Ravenstail weavers from all over North America will be weaving 5-inch-by-5-inch squares

B.C. skip Sarah Wark and team eliminated at Scotties Tournament of Hearts

Nontheless pretty impressive stuff from the 24th-ranked team in the country

Pope’s sex abuse prevention summit explained

It’s A high-stakes meeting designed to impress on Catholic bishops the global problem

Girl heard saying ‘Help my Dad’ in suspicious radio message on Vancouver Island

Police asking for help following mysterious signals from somewhere between Comox and Sayward

Reports of rashes prompt closure of all Harrison Hot Springs pools

Public pool available after Fraser Health shut down all five mineral pools until further notice

Most Read