Tim Hortons has entered into an agreement with a private equity firm to expand in China.
Under the exclusive master franchise joint venture agreement announced Wednesday, Cartesian Capital Group will develop and open more than 1,500 Tim Hortons restaurants throughout China over the next ten 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,” Tim Hortons president Alex Macedo said in a statement.
“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.”
Tim Hortons has more than 4,700 system wide restaurants located in Canada, the United States and around the world.
In 2012, Cartesian partnered with Tim Hortons parent company Restaurant Brands International and the Kurdoglu family to develop the Burger King brand in China, where there are now more than 900 Burger King restaurants.
Financial terms of the agreement were not made available.