Restaurant Brands International Inc. (TSX/NYSE: QSR, TSX: QSP) has announced the establishment of a master franchise joint venture with a group of investors in Mexico. The joint venture company will be the master franchisee of the TIM HORTONS brand in Mexico, responsible for developing and growing the brand in the country.
"We are continuing to build on our commitment of taking the TIM HORTONS brand and Canada's favourite coffee around the world," said Daniel Schwartz, CEO of Restaurant Brands International. "Mexico has a thriving coffee market so we are very optimistic about the opportunity to grow the brand across the country."
"It is a great step forward for the TIM HORTONS brand as we make our first market entry into Latin America," said Elías Díaz Sesé, President of Tim Hortons. "Our partners have a deep understanding of the foodservice industry in Mexico, which we believe will serve them well in growing the brand in the region and delivering an excellent experience for all our Guests."
"We are excited to introduce the iconic TIM HORTONS brand to the Mexican market," said Mauricio Barrera Garza, CEO of the joint venture company. "We believe it will have great success in Mexico and look forward to opening our restaurants soon."
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. In 2016, RBI announced similar agreements in the Philippines and Great Britain. 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.
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