Tims China Announces Addition of Popeyes® Chicken Brand
March 30 2023 - 5:30PM
TH International Limited (“Tims China”; Nasdaq: THCH) closed a
milestone transaction on March 30, 2023 to become the exclusive
operator and developer of the world-famous
Popeyes
® brand in mainland China.
“This is a landmark day,” said Peter Yu,
Chairman of Tims China. “With this transaction, Tims China gains a
tremendous additional pathway for growth in the world’s most
compelling consumer market. The track record of our team, who led
the development of Tim Hortons in China from a standing start to
over 600 stores in under five years, highlights the strength of our
well-honed store development platform and infrastructure. We are
excited to leverage what we’ve built to launch and grow the Popeyes
business rapidly and efficiently.”
“The combination brings extensive operational
and development synergies, and we look forward to introducing our
more than 12 million loyalty club members to Popeyes later this
year,” said Yongchen Lu, CEO of Tims China.
Like Tim Hortons, Popeyes is an iconic brand
owned by Restaurant Brands International (“RBI”).
Popeyes’ 50-year history, distinctive menu, and passion for
flavorful authentic food have made it one of the world’s leading
chicken quick-service restaurant (QSR) brands with over 4,100
locations globally.
“We are very excited about growing the Popeyes
brand in China as part of our broader global growth strategy. We
have strong confidence in our partner who has a deep understanding
of the Chinese market and we believe it will position us well for
success in the country,” said David Shear, President RBI
International.
In the all-share transaction, Tims China
acquired PLKC International Limited (“Popeyes China”), which holds
the exclusive rights to develop and sub-franchise the
Popeyes brand in mainland China and Macau. Popeyes China
brings $30 million in cash, which will further strengthen Tims
China’s balance sheet, and Tims China will earmark an additional
$60 million to develop its Popeyes China business over the coming
years.
Details of the transaction terms are included in
the Form 6-K filed in conjunction with this release.
Kirkland & Ellis LLP is serving as
international legal counsel to Tims China.
About TH International
Limited
TH International Limited (Nasdaq: THCH) (“Tims
China”) is the parent company of the exclusive master franchisees
of Tim Hortons coffee shops in mainland China, Hong Kong, and Macau
and Popeyes restaurants in mainland China and Macau. Tims China was
founded by Cartesian Capital Group and Tim Hortons Restaurants
International, a subsidiary of Restaurant Brands International
(TSX: QSR) (NYSE: QSR).
The company’s philosophy is rooted in
world-class execution and data-driven decision making and centered
on true local relevance, continuous innovation, genuine community,
and absolute convenience. For more information, please
visit https://ir.timschina.com/.
About POPEYES®
Founded in New Orleans in 1972, POPEYES® has
more than 50 years of history and culinary tradition. Popeyes
distinguishes itself with a unique New Orleans style menu featuring
spicy chicken, chicken tenders, fried shrimp, and other regional
items. The chain’s passion for its Louisiana heritage and flavorful
authentic food has allowed Popeyes to become one of the world’s
largest chicken quick service restaurants with over 4,100
restaurants in the U.S. and around the world.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
generally are identified by the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Without limiting the generality of the foregoing, the
forward-looking statements in this press release include the
potential benefits of the transaction to the Company and the future
growth of the Popeyes business. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, such as the
Company’s ability to enter into definitive agreements for the
transaction and receive any necessary approvals. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the Company’s registration statement on
Form F-1, as amended, declared effective by the U.S.
Securities and Exchange Commission (the “SEC”) on December 22, 2022
and other documents filed or to be filed by the Company with the
SEC from time to time, which could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements. The Company cannot assure you that
these forward-looking statements will prove to be accurate and
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contacts
Public RelationsICR,
LLCTimsChinaPR@icrinc.com
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