A Tim Hortons in China. Picture: Tims China
Restaurant Manufacturers Worldwide Inc. will develop its presence in China via the acquisition of Popeyes China and a co-investment in Tims China, in line with a press launch.
The strikes replicate RBI’s confidence within the Chinese language market, one of many world’s largest for quick-service eating places. RBI will make investments a complete of as much as $45 million within the two transactions.
RBI acquired the Popeyes China enterprise from Tims China for $15 million. Popeyes China, which opened its first restaurant in August 2023, presently has 14 areas in Shanghai. RBI plans to speed up progress by investing in native groups and restaurant improvement. The corporate additionally intends to determine a standard grasp franchise construction with native companions in the long run, just like its operations in different worldwide markets.
To assist Tims China’s progress, RBI and Cartesian Capital will co-invest as much as $50 million within the firm via three-year convertible notes. RBI will maintain the appropriate to nominate two administrators to the Tims China board and its possession stake might enhance to 18% upon conversion of the notes.
“China is without doubt one of the most compelling long-term market alternatives for each our Popeyes and Tim Hortons manufacturers,” Rafael Odorizzi, president of Asia Pacific, mentioned within the press launch. “Popeyes China is off to a robust begin and we’re excited to unlock its improvement potential in one of many largest hen QSR markets globally. Right this moment’s announcement permits Tims China to redouble its give attention to high quality restaurant improvement and offering Chinese language shoppers with our prime quality Tims espresso and meals choices.”