China Food

Just now, TIMS China’s controlling shareholder made a move! PoPeyes, the brand of net red fried chicken, changed its owner after closing the store

After the sudden announcement of the closure of several Chinese stores, Burger King and Tim Hortons’s “brother brands” PoPeyes will usher in a turnaround.

Just now, restaurant Brands International (hereinafter referred to as RBI), the parent company of PoPeyes, a fried chicken chain, announced that it has signed a non binding term sheet with Descartes capital on the exclusive development of PoPeyes brand (Chinese Name: bopais) in China in the next few years. The completion of the transaction still depends on the execution of the final documents, customary due diligence and the approval of the parties.

This means that if the transaction is completed, PoPeyes Chinese traders will be “replaced” from the original TFI (TFI tab food investments) to Cartesian capital. The latter is also the backer of RBI coffee brand Tim Hortons in China. Let’s have a look.

Contribute to growth

According to a report from RBI today, the new measures will help the growth strategy of the PoPeyes brand to increase its influence in major global markets.

Since 2021, PoPeyes has announced agreements to enter South Korea, France, Romania, the United Kingdom and India, and expand in Mexico and Saudi Arabia. In the past few years, PoPeyes has also expanded to international markets such as Spain, the Philippines, Brazil, Switzerland and Sri Lanka. At present, PoPeyes has become one of the largest chicken fast food restaurants in the world, with more than 3850 restaurants in more than 30 countries.

“We are proud to develop the PoPeyes brand in China and bring its famous chicken sandwiches and iconic products to consumers in this vibrant market.” Peter Yu, executive partner of Descartes capital group, said in the release.

It is worth noting that at the time of the official announcement of this new cooperation, PoPeyes China is in the midst of an emergency shutdown.

Recently, some media pointed out that PoPeyes suddenly closed seven stores in Jiangsu, Zhejiang and Shanghai without any notice, and only kept two stores in Shanghai. In this regard, PoPeyes wechat official account said today that “we will not leave and will come back soon”, and revealed that “goodbye is a new chapter”.

Although the company did not explain why the store was suddenly closed, this “mystery” may have been revealed long ago.

Xiaoshidai has introduced that in the financial report released in February this year, RBI said that in early 2022, it would negotiate with the Chinese main franchising parties of Burger King and PoPeyes to resolve the “business disputes” in 2021. Although no company is “named” in the financial report, the public information shows that TFI, a Turkish catering group, is the main franchisee of Burger King restaurant in China and will introduce PoPeyes into the Chinese market in 2020.

“We expect to agree to pay about US $100 million (about RMB 636 million) in 2022.” RBI said, of which US $72 million

According to the information on the official website of Descartes, since its establishment in 2006, it has managed more than US $3 billion for investors and committed more than US $2.5 billion to more than 70 companies in more than 20 industries. The official website shows that its focus on investment includes meeting the needs of the middle class in emerging markets, and the investment in Burger King China is based on this logic.

As a matter of fact, TFI and Descartes have a long history in the business of Burger King in China.

Xiaoshidai has introduced that Burger King (China) Investment Co., Ltd. is wholly owned by a company called “BK (Hong Kong) Development Co., Ltd.” (BK for short), and BK is wholly owned by Pangaea foods (China) Holdings, Ltd. According to the equity penetration chart of the latter, 72.5% of its equity is held by the joint venture established by TFI and Descartes, and the remaining 27.5% is held by bkap (BK asiapac PTE. Ltd), a subsidiary of RBI. Youpeter once said that Descartes had “achieved great success” in cultivating and developing Burger King’s business in China.

A joint venture established by Er capital group.

Last August, TIMS China announced its plan to go public in the United States. Peter Yu, executive partner of Descartes capital group and chairman of tims China’s board of directors, said at that time that tims would establish “first-rate” coffee shops and bakeries in China and establish a profitable chain network consisting of more than 2750 stores by 2026.

I am optimistic about the coffee track in China, and Descartes continues to increase his strength on tims. In March this year, TIMS China announced that it had received a commitment from institutional investors including affiliated companies of Descartes capital group to invest US $94.5 million in pipe (Note: tims China is listed in the “spac + pipe” portfolio mode).

In today’s press release, yopeter said that Descartes and RBI have had a long-term and successful cooperative relationship for more than 10 years, including more than 450 cafes opened by tims in China. “Descartes is committed to providing a smooth in store experience and serving guests with the iconic hospitality of the PoPeyes brand”.

Follow the “snack generation” (wechat: foodinc) to see the wonderful news.

Just now, TIMS China’s controlling shareholder made a move! PoPeyes, the brand of net red fried chicken, changed its owner after closing the store

新操盘手

那么,这位Popeyes的“新队友”又是什么来头呢?

笛卡尔官网资料显示,自其2006年成立以来,已为投资者管理了超过 30 亿美元的资本,向 20多个行业的70多家公司承诺投资超过25亿美元资金。官网显示,在其专注的投资领域中,包括了满足新兴市场中产阶层的需求,而投资汉堡王中国正基于这个逻辑。


事实上,TFI和笛卡尔在汉堡王中国的业务上也颇有渊源。

小食代曾介绍,汉堡王(中国)投资有限公司由一家名为“BK(Hong Kong )Development Co., Limited”(简称BK)的公司全资持有,而BK由Pangaea Foods (China) Holdings, Ltd.全资持有。根据后者股权穿透图,其72.5%的股权由TFI和笛卡尔组建的合资公司持有,其余27.5%股份由RBI子公司BKAP(BK Asiapac Pte. Ltd)持有。尤彼德曾表示,笛卡尔在培育和发展汉堡王中国业务方面“取得了巨大成功”。


此外,笛卡尔还是Tims中国背后的“大金主”之一,这家创始于加拿大的咖啡连锁在中国市场的快速发展和赴美上市计划背后都有笛卡尔的身影。2019年,Tim Hortons正式进入中国,Tims中国就是由RBI和笛卡尔资本集团设立的合资公司。

去年8月,Tims中国宣布了赴美上市计划。笛卡尔资本集团执行合伙人兼Tims中国董事会主席尤彼德(Peter Yu)当时曾表示,Tims要在中国建立“首屈一指”的咖啡店和烘焙店,在2026年前建立一个由2750多家门店组成的盈利的连锁网络。

看好中国的咖啡赛道,笛卡尔还在Tims身上持续加码。今年3月,Tims中国宣布,已收到包括笛卡尔资本集团关联公司在内的机构投资者承诺向PIPE(注:Tims中国是采取“SPAC+PIPE”的组合模式上市)投资9450万美元。

在今天的通稿中,尤彼德表示,笛卡尔与RBI已拥有持续十多年、长期而成功的合作关系,包括Tims中国已开出的450多家咖啡馆。“笛卡尔致力于提供流畅的店内体验,以 Popeyes品牌的标志性好客之道为客人提供服务”。

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