invest in Tims China
01/07/2024 14:40
July 1 (Reuters) - Restaurant Brands International
QSR.TO QSR.N will buy the China franchise of its Popeyes
brand and invest in Tims China along with private-equity firm
Cartesian Capital, the company said on Monday.
TH International's THCH.O Tims China, which is the
exclusive operator of Tim Hortons in the country, will get up to
$50 million of capital infusion from the two partners.
The Popeyes China franchise will be bought on a cash- and
debt-free basis, while the total capital outlay will be up to
$45 million for the two transactions, said Restaurant Brands,
which also owns Burger King.
The Popeyes China franchise opened its first restaurant in
August 2023 and has 14 restaurants in Shanghai.
Restaurant Brands will have the right to appoint two
directors to Tims China Board following the investment.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by
Shreya Biswas)
((AnujaBharat.Mistry@thomsonreuters.com;))