Tims China will become the exclusive operator and developer of Popeyes China, spearheading the growth of the chicken foodservice brand into China.
“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, the parent company of Popeyes.
Tims China propelled the growth of another RBI International brand, Tim Hortons, into China beginning in 2019. Today, there are 600 units open across the country with a goal of 2,750 restaurants by 2026.
“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.”
Yongchen Lu, CEO of Tims China, added: “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.”
The quick service restaurant chain first announced plans to expand into China in 2019, setting a goal of 1,500 restaurants by 2030. Fellow chicken foodservice competitor Chick-fil-A also recently set plans to expand into Europe and Asia by 2026, investing $1 million to create an international presence for its signature chicken sandwich.
Popeyes China brings $30 million in cash to the deal and Tims China will earmark $60 million to aid the expansion plans. Kirkland & Ellis LLP served as international legal counsel to Tims China.
