Restaurant Brands International announces non-binding term sheet with Cartesian Capital Group for exclusive development of the Popeyes brand across China in the coming years

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MIAMI , August 10, 2022 (press release) –

Today, Popeyes® brand and Cartesian Capital Group, LLC (“Cartesian”) are excited to announce they have entered into a non-binding term sheet for the exclusive development of the Popeyes brand across the People’s Republic of China in the coming years. The consummation of the transaction is subject to execution of definitive documents, customary due diligence and approvals of the parties.

“We are proud to grow the Popeyes brand in China and to bring its famous Chicken Sandwich and iconic products to guests in this exceptionally dynamic market,” said Peter Yu , Managing Partner of Cartesian. “We are excited to build on our long-standing and successful relationship with RBI, spanning over a decade and most recently including our rapid development of more than 450 Tim Hortons cafes across China.” Cartesian is committed to offering a seamless in-store experience to serve guests in the iconic hospitable way that is characteristic of the Popeyes brand.

Founded in New Orleans in 1972, Popeyes has more than 50 years of history and culinary tradition. Popeyes distinguishes itself with a unique New Orleans style menu featuring the iconic chicken sandwich, spicy chicken, chicken tenders, fried shrimp, and other regional items. Popeyes uses proprietary seasonings and techniques developed by an in-house culinary team of chefs that makes its fried chicken a point of reference for Michelin Chefs and celebrities.

The brand's passion for its Louisiana heritage and flavorful authentic food has allowed Popeyes to become one of the world's largest chicken quick-service restaurants with over 3,850 restaurants in over 30 countries around the world.

Today’s announcement contributes to the brand’s growth strategy to increase its presence in key markets across the world. Since 2021, Popeyes has announced agreements to enter South Korea , France , Romania , the United Kingdom and India , and to expand in Mexico and Saudi Arabia . Other international expansions over the past years include Spain , Philippines , Brazil , Switzerland , and Sri Lanka .

About Restaurant Brands International Inc.

Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with more than $35 billion in annual system-wide sales and over 29,000 restaurants in more than 100 countries. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES® and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.

About POPEYES®

Founded in New Orleans in 1972, POPEYES® has more than 50 years of history and culinary tradition. Popeyes distinguishes itself with a unique New Orleans style menu featuring spicy chicken, chicken tenders, fried shrimp, and other regional items. The chain's passion for its Louisiana heritage and flavorful authentic food has allowed Popeyes to become one of the world's largest chicken quick service restaurants with over 3,600 restaurants in the U.S. and around the world.

About Cartesian Capital Group, LLC

Cartesian Capital Group, LLC is a leading global private equity firm with a demonstrated ability to grow companies internationally. With funds comprising more than $3 billion in capital commitments, Cartesian's team has helped to build 60 companies operating across 40 different countries. Cartesian has a distinctive practice in supporting the growth of iconic brands across the world, including in China , where it is the founder and majority shareholder of TH International Limited , the exclusive master franchisee for RBI’s Tim Hortons brand throughout China . For more information, please see www.cartesiangroup.com.

Source: Restaurant Brands International Inc

[Category: Restaurants/ Food Chains]

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