The merger completion will give Tims China access to $200m as it seeks to reach 2,750 coffee shops in China by 2026
Tims China is targeting a network of 2,750 stores by 2026 | Photo credit: Tims China
Tims China, the operator of Canadian coffee chain Tim Hortons in China, has completed its merger with special purpose acquisition company Silver Crest.
The new entity, which will retain the Tims China name, will begin trading on New York’s Nasdaq stock exchange from 29 September 2022.
Through the merger, Tims China will have access to approximately $200m which it will use to build a profitable network of 2,750 stores by 2026.
The company currently operates more than 460 outlets across China.
“This is a notable milestone for Tims China and, more importantly, a tribute to our 4,500 dedicated professionals across China. The listing and associated funding will allow us to continue growing Tims China as we aim to build a profitable network of 2,750 stores by 2026. We are grateful to our millions of amazing guests, whose support and patronage is a true privilege,” said Peter Yu, Chairman, Tims China.
Formed by Cartesian Capital Group and Restaurant Brands International in 2018, Tim Hortons China opened its first store in 2019 in Shanghai.
In August 2022, the company opened its first retail kiosk locations ahead of further growth across Chinese convenience store chain Easy Joy’s 27,800-strong network of outlets.
Tims China and Easy Joy have also begun developing co-branded ready-to-drink (RTD) retail coffee products as the coffee chain seeks to reach new customers and enter new regions across China.
According to Silver Crest, Tims China’s revenues in 2019, 2020 and 2021 were $8.5m, $31.2m and $95m respectively.