Restaurant Brands International Inc. announces master franchise joint venture to develop and grow the Tim Hortons® brand in the Philippines
OAKVILLE - 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.
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"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.
Source Restaurant Brands International
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