Tim Hortons signs franchise agreement with Cartesian Capital to expand to China

OAKVILLE, Ont. - Tim Hortons has signed an agreement with a private equity firm to expand in China.

Under the exclusive master franchise joint venture agreement announced Wednesday, Cartesian Capital Group will develop and open more than 1,500 Tim Hortons restaurants in China over the next 10 years. Financial terms of the agreement were not immediately available.

Tim Hortons president Alex Macedo said the company’s two main priorities are building and strengthening the brand in Canada and expanding the brand to the rest of the world. “China’s population and vibrant economy represent an excellent growth opportunity for Tim Hortons in the coming years,” Macedo said in a statement.

“We have already seen Canada’s Chinese community embrace Tim Hortons and we now have the opportunity to bring the best of our Canadian brand to China with established partners who have expertise in the industry and the country.”