Canadian coffee icon Tim Hortons has inked a deal with private equity firm Cartesian Capital Group to expand into China.
Under the exclusive master franchise joint venture agreement, Cartesian will develop and open more than 1,500 Tim Hortons restaurants in China over the next 10 years. Tim Hortons president Alex Macedo said the company’s two main priorities are building and strengthening the company in Canada and then expanding the brand to the rest of the world.
Tim Hortons has more than 4,700 restaurants in Canada, the United States and internationally.
BMO Capital Markets said the China expansion presents a growth opportunity for the company.
In 2012, Cartesian partnered with Tim Hortons parent company Restaurant Brands International and the Kurdoglu family to eventually open more than 900 Burger King restaurants in China