Business
Tims China Board Approves Combination with Popeyes China
Creates powerhouse in China, bringing together two leading global QSR brands Accelerates Tims China’s growth with addition of another customer favorite
About this update from Th International Limited
[{"type":"text","content":"Creates powerhouse in China, bringing together two leading global QSR brands Accelerates Tims China’s growth with addition of another customer favorite Financially compelling transaction expected to deliver revenue, cost, and development synergies Completion subject to customary closing conditions and documentation SHANGHAI, China, Feb. 08, 2023 (GLOBE NEWSWIRE) -- TH International Limited (Nasdaq: THCH), the exclusive operator of Tim Hortons coffee shops in China (“Tims China”), today announced that its Board of Directors had approved the entry into a transaction for the exclusive development of Popeyes® in mainland China and Macau. The transaction is subject to definitive documents and customary closing conditions; the Board of Directors authorized Tims China’s independent audit committee to oversee the transaction and its completion. Like Tim Hortons, Popeyes is an iconic brand owned by Restaurant Brands International (“RBI”). Popeyes®’ 50-year history, distinctive menu, and passion for flavorful authentic food has made it one of the world’s largest chicken quick-service restaurant (QSR) groups with over 3,900 locations globally. “Tims has been a huge success in China—with more than 600 locations on our way to 1,000 by year-end,” said Peter Yu, Chairman of Tims China. “We are building on that success and launching a second leading brand in the world’s most compelling consumer market. I have long admired RBI’s value-creation in hosting multiple brands on a single platform, and this next step in Tims China’s evolution will bring significant operational and development synergies.” Tims China’s leadership has a proven track record of building brands in China. The team aims to extend that success by celebrating Popeyes®’ core identity and products while localizing flavors and experiences, and delivering absolute convenience to guests by leveraging a strong development system and proven digital platforms. “We are thrilled to have the opportunity to welcome Popeyes®, a beloved global brand and proven winner, to the Tims China family,” said Yongchen Lu, CEO of Tims China. “The two brands are a natural fit, with complementary product offerings and exceptional growth potential. Both brands will benefit from greater scale, a stronger financial model, and synergies, including in the supply chain and new restaurant development. We cannot ...