Restaurant Brands to buy Popeyes China franchise, co-invest in Tims China
July 1 (Reuters) -Restaurant Brands International QSR.TO, QSR.N will buy the China franchise of its Popeyes brand and invest in Tims China along with private-equity firm Cartesian Capital, the company said on Monday.
TH International's THCH.O Tims China, which is the exclusive operator of Tim Hortons in the country, will get up to $50 million of capital infusion from the two partners.
The Popeyes China franchise will be bought on a cash- and debt-free basis, while the total capital outlay will be up to $45 million for the two transactions, said Restaurant Brands, which also owns Burger King.
The Popeyes China franchise opened its first restaurant in August 2023 and has 14 restaurants in Shanghai.
Restaurant Brands will have the right to appoint two directors to Tims China Board following the investment.
Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Shreya Biswas
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