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There are more than 4,900 restaurants globally under the Tim’s brand, according to RBI’s website. Shares of RBI fell 0.2% in New York trading Thursday.
Tim Hortons China, a joint venture between private equity firm Cartesian Capital Group and a subsidiary of RBI, said in a statement in March that it had completed a funding round led by Sequoia Capital China and existing investor Tencent Holdings Ltd., and with participation from Eastern Bell Capital.
The Chinese master franchise holder opened its first outlet in the country in 2019, and has more than 150 shops across 10 cities in the country. It aims to expand to more than 1,500 Chinese outlets.
Silver Crest raised $345m in a January initial public offering and said it was seeking a target in the high-growth consumer and consumer technology sectors. It counts veteran banker Christopher Lawrence as vice chairman and Ascendent’s Derek Cheung as chief executive officer.
As with all deals that aren’t finalized, it’s possible terms change or that talks fall apart. Representatives for Silver Crest and Ascendent didn’t respond to requests for comment. Spokespeople for Cartesian Capital and Restaurant Brands International didn’t respond to requests for comment made outside normal business hours.
Source: Financial Post
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