Wednesday 29 May 2024
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Tims China Board approves combination with Popeyes

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

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SHANGHAI, China – TH International Limited, the exclusive operator of Tim Hortons coffee shops in China (“Tims China”), yesterday 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.

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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.”

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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 wait to serve all our guests, including our over 11 million loyalty members, a spicy chicken sandwich.”

In the all-share transaction, Tims China is expected to acquire the exclusive rights to develop and sub-franchise the Popeyes brand in mainland China and Macau. The acquisition is also expected to bring significant cash to Tims China and strengthen the company’s balance sheet.

About TH International Limited

TH International Limited (Nasdaq: THCH) (“Tims China”) is the parent company of the exclusive master franchisee of Tim Hortons coffee shops in China, including Hong Kong and Macau. TH International Limited was founded by Cartesian Capital Group and Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International.

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