Tim Hortons, one of North America's largest quick-service restaurant chains, announced that it has entered into an exclusive master franchise joint venture agreement with Cartesian Capital Group to develop and open more than 1,500 Tim Hortons restaurants throughout China over the next 10 years.
"We have two main priorities at Tim Hortons: building and strengthening our brand in Canada; and expanding our iconic Canadian brand to the rest of the world," says Tim Hortons president Alex Macedo. "China's population and vibrant economy represent an excellent growth opportunity for Tim Hortons in the coming years. We have already seen Canada's Chinese community embrace Tim Hortons and we now have the opportunity to bring the best of our Canadian brand to China with established partners who have expertise in the industry and the country."
"We are excited to expand our partnership with Restaurant Brands International to bring Tim Hortons to China," adds Peter Yu, managing partner of Cartesian. "Tim Hortons has a long, rich history of providing guests with quality food and premium coffee. We plan to expand that tradition to China, drawing on 20 years of experience building businesses in China and around the world."
Tim Hortons, part of Restaurant Brands International, founded as a single location in Canada in 1964, has more than 4,700 system wide restaurants located in Canada, the United States and around the world.