Restaurant Brands International Inc. announces master franchise joint venture to develop and grow the Tim Hortons® brand in the Philippines
Jul 28, 2016, 06:45 ET
THE AGREEMENT MARKS THE ICONIC BRAND'S FIRST FORAY INTO SOUTHEAST ASIA
OAKVILLE, ON, July 28, 2016 /CNW/ -Restaurant Brands International Inc. ("RBI") (TSX/NYSE: QSR, TSX:QSP) has announced the establishment of a master franchise joint venture company, TH Coffee Services Philippines Corporation, with a group of investors in the Philippines. The joint venture company will be the master franchisee of the TIM HORTONS® brand in the Philippines and marks the Canadian coffee chain's opportunity to develop and grow the iconic TIM HORTONS® brand in the Philippines.
"This agreement signals an exciting era of growth for the TIM HORTONS® brand internationally and particularly in Southeast Asia," said Daniel Schwartz, CEO of Restaurant Brands International. "The master franchise joint venture model has been a successful strategy for the BURGER KING® brand and we expect it will continue to help us drive growth and build scale for the TIM HORTONS® brand over the long-term."
"In Canada, the TIM HORTONS® brand has reached an iconic status and now we're looking to further expand our global footprint by bringing our signature coffee and products to the Philippines," said Elías Díaz Sesé, President of Tim Hortons. "We are working with partners who have a deep understanding of the Philippines, which we believe will position them well for success in developing and growing the brand in the region."
"We are proud to introduce the TIM HORTONS® brand to the Philippines, which is home to approximately 100 million people today," said Enrique Y. Yap, Jr. CEO of TH Coffee Services Philippines Corporation. "Canada's favourite coffee will be a welcome addition to the market and we look forward to serving our Guests across the Philippines."
"The Embassy of Canada welcomes the entry of TIM HORTONS®, one of Canada's iconic food sector brands, to the Philippines," said Canada's Ambassador to the Philippines, Neil Reeder. "This expansion in the commercial relationship is another testament to the robust ties that bind our two countries. We see this new Canadian investment in the Philippines as a platform that will create new opportunities for Canadian businesses and offer more jobs and opportunities for Filipinos."
The development agreement entered into with the joint venture company is the most recent by RBI in its plans to develop and grow the TIM HORTONS® brand internationally. TIM HORTONS® opened its first restaurant in Canada in 1964 and in the U.S. in 1984. Today, the brand maintains a strong base of restaurants across Canada, the U.S. and the Middle East.
About Restaurant Brands International
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with approximately $23 billion in system sales and over 19,000 restaurants in approximately 100 countries and U.S. territories. Restaurant Brands International owns two of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS® and BURGER KING®. These independently operated brands have been serving their respective guests, franchisees, and communities for over 50 years. To learn more about Restaurant Brands International, please visit the Company's website at www.rbi.com.
About TIM HORTONS®
TIM HORTONS®, part of Restaurant Brands International, is one of North America's largest restaurant chains operating in the quick service segment. Founded as a single location in Canada in 1964, TIM HORTONS® appeals to a broad range of consumer tastes, with a menu that includes premium coffee, hot and cold specialty drinks (including lattes, cappuccinos and espresso shots), specialty teas and fruit smoothies, fresh baked goods, grilled Panini and classic sandwiches, wraps, soups, prepared foods and other food products. As of March 31, 2016, TIM HORTONS® had more than 4,400 system wide restaurants located in Canada, the United States and the Middle East. More information about the Company is available at www.timhortons.com.
About TH Coffee Services Philippines Corporation
TH Coffee Services Philippines Corporation is a joint venture company established in partnership with a subsidiary of Restaurant Brands International Inc. to develop and grow the iconic TIM HORTONS® brand in the Philippines. As the master franchisee, it is set to build TIM HORTONS® restaurants and provide exemplary service and valuable products that are relevant and customized to the needs and tastes of the local market.
This press release includes forward-looking statements, which are often identified by the words "may," "might," "believes," "thinks," "anticipates," "plans," "expects," "intends" or similar expressions and reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements include statements about: RBI's belief that this agreement signals an exciting era of growth for the TIM HORTONS® brand internationally and particularly in Southeast Asia; RBI's expectation that the master franchise joint venture model will continue to help RBI drive growth and build scale for the TIM HORTONS® brand over the long-term; RBI's belief that it will further expand our global footprint by bringing TIM HORTONS® signature coffee and products to the Philippines; and RBI's belief that its JV partners are well positioned to succeed in developing and growing the brand in the region. The factors that could cause actual results to differ materially from RBI's expectations are detailed in filings of RBI with the U.S. Securities and Exchange Commission and on the securities regulatory authorities in each province and territory of Canada, such as its annual and quarterly reports and current reports on Form 8-K and include the following: risks related to RBI's ability to successfully implement its domestic and international growth strategy; and risks related to RBI's ability to compete domestically and internationally in an intensely competitive industry. Other than as required under U.S. federal securities laws or Canadian securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, change in expectations or otherwise.
SOURCE Restaurant Brands International
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