TH International Limited, the exclusive operator of Canadian coffee chain Tim Hortons coffee shops in China (Tims China), announced that it had approved a transaction for the exclusive development of fast-food chain Popeyes in mainland China and Macau.
Like Tim Hortons, Popeyes is an iconic brand owned by Restaurant Brands International (RBI).
Popeyes was founded in Louisiana in 1972, and has opened more than 3,900 stores worldwide, making it one of the most popular fried chicken fast-food chains in the world.
“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.
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, as cited in the group’s statement.
“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.” LV
