Tim Hortons China goes to Nasdaq
It belongs to Rbi, the holding company that also controls Burger King
The joint venture between Restaurant Brands International, Cartesian Group, Sequoia Capital, Eastern Bell Capital and Tencent, which manages over 200 locations of the Canadian coffee chain Tim Hortons in China, will be listed on Nasdaq through a business combination with the spac Silver Crest Acquisition Corp. The transaction represents an enterprise value of Chinese assets of $ 1.69 billion.
Co-founded by hockey player Tim Horton, who opened Tim's first office in 1964, the coffee chain has spread across Canada and has become a national symbol, although it has remained little known elsewhere. In 2014 it was acquired for $ 11 billion by the holding company Restaurant Brands International Inc., which also controls Burger King and the Popeyes Louisiana Kitchen chain.
Tim currently has over 5,000 premises (1,127 outside Canada) and has an ambitious expansion plan in China, where it expects to reach 350 premises in 2021, and 1,500 by 2028.
EFA News - European Food Agency