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

Port Hardy’s RCMP Staff Sgt. Wes Olsen: ‘It’s business as usual’ after cannabis legalization

Local RCMP will still be on the lookout for impaired driving despite cannabis legalization.

Jay Dixon finishes top three for School and District Leadership award

“I believe it’s all of our responsibility for our schools to provide quality education,” said Dixon.

7 Mile Landfill operations tender closes October

Taxes covering the landfill have not increased over the past 15 years and are not expected to soon.

VIDEO: This is what buying legal pot in B.C. looks like

Take a look inside B.C.’s first and only legal pot shop located in Kamloops

10 things still illegal in the new age of recreational cannabis

Pot is legal – but there are still a lot of rules, and breaking some could leave you in jail

B.C. NDP retreats again on empty-home tax for urban areas

Rate reduced for all Canadians, dissident mayors to get annual meeting

San Group announces plans to build new sawmill in Port Alberni

San Group has purchased 25 acres of Catalyst Paper land for expansion

Two B.C. cannabis dispensaries raided on legalization day

Port Alberni dispensaries ticketed for “unlawful sale” of cannabis

Canada not sending anyone to Saudi business summit

Sources insist Ottawa never intended to dispatch a delegation this time around

VPD ordered to co-operate with B.C. police watchdog probe

According to the IIO, a court is ordering Vancouver police to co-operate with an investigation into a fatal shooting

Port Hardy municipal candidate Rick Marcotte’s profile

“I feel that we have had a wonderful council that can discuss issues of importance,” said Marcotte.

Earthquake early-warning sensors installed off coast of B.C.

The first-of-its kind warning sensors are developed by Ocean Networks Canada

Port Hardy municipal election candidate Leightan Wishart’s profile

Wishart speaks on his experience: “I’ve was elected to the School Board in 2002.”

Port Alice municipal election candidate Doug Worthington’s profile

“We must take advantage of provincial and federal grants whenever possible,” Worthington said.

Most Read