TORONTO — The parent company of the master franchisee of Tim Hortons coffee shops in China says it has signed a deal for the exclusive development of Popeyes in mainland China and Macau.
TH International Ltd., often branded Tims China, says the transaction will be overseen by an independent audit committee and is subject to customary closing conditions.
Peter Yu, chairman of Tims China, says the coffee and doughnut chain has been a success in China, with its 600 locations expected to grow to a thousand by the end of 2023.
He says the company is aiming to build on that success with the launch of the popular fried chicken restaurant, adding that Popeyes will bring “significant operational and development synergies.”
Yongchen Lu, CEO of Tims China, says Tims and Popeyes are a “natural fit” with complementary product offerings and exceptional growth potential.
TH International Ltd., the parent company of the exclusive master franchisee of Tim Hortons coffee shops in China, was founded by Cartesian Capital Group and Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International.
This report by The Canadian Press was first published Feb. 8, 2023.
Companies in this story: (TSX:QSR)