Tims China has closed the deal to become the operator and developers of Popeyes in Mainland China, according to a press release.
“This is a landmark day,” Peter Yu, chairman of Tims China said in the press release. “With this transaction, Tims China gains a tremendous additional pathway for growth in the world’s most compelling consumer market. The track record of our team, who led the development of Tim Hortons in China from a standing start to over 600 stores in under five years, highlights the strength of our well-honed store development platform and infrastructure. We are excited to leverage what we’ve built to launch and grow the Popeyes business rapidly and efficiently.”
Popeyes has more than 4,100 locations and is owned by Restaurant Brands International.
“We are very excited about growing the Popeyes brand in China as part of our broader global growth strategy. We have strong confidence in our partner who has a deep understanding of the Chinese market and we believe it will position us well for success in the country,” David Shear, president RBI International said.
In the all-share transaction, Tims China acquired PLKC International Limited (Popeyes China), which holds the exclusive rights to develop and sub-franchise the Popeyes brand in mainland China and Macau. Popeyes China brings $30 million in cash, which will further strengthen Tims China’s balance sheet, and Tims China will earmark an additional $60 million to develop its Popeyes China business over the coming years.
