THE AGREEMENT MARKS THE FIRST ENTRY INTO THE MINNEAPOLIS MARKET FOR THE BRAND
OAKVILLE, ON, June 9, 2016 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") and Restaurant Development Partners ("RDP") have entered into an Area Representative and Developer Agreement to expand and grow the iconic TIM HORTONS® brand across the state of Minnesota. The agreement is the largest of its kind for the TIM HORTONS® brand in the U.S. and includes development commitments over the next 14 years.
"This development area shares many characteristics with other markets where we've been most successful in the U.S., representing a prime opportunity for the continued expansion of the TIM HORTONS® brand," says Elías Díaz Sesé, President of TIM HORTONS®. "The RDP team has a long history and deep expertise in real estate development that will serve them well in building scale and driving growth for the TIM HORTONS® brand in the region."
"We're thrilled to be joining the TIM HORTONS® family and look forward to introducing the brand to more than 5 million people across the state of Minnesota," says Paul Durigon, CEO of RDP. "We firmly believe in the TIM HORTONS® concept and brand and feel it will be well received in this market."
Joining the RDP team as President, to lead operations and growth for the development area is Mark Holly, who has a decade of corporate experience with the TIM HORTONS® brand and most recently led the company's Canadian development team.
This agreement is the most recent by RBI in its plans to grow the TIM HORTONS® brand in the U.S. market. In February 2016, RBI announced an agreement with Luke Family of Brands to aggressively develop the brand in Indiana.
TIM HORTONS® opened its first restaurant in the U.S. in 1984. Today, the brand maintains a strong base of restaurants across Canada, the U.S. and the Middle East.
About Restaurant Brands International
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with approximately $23 billion in system sales and over 19,000 restaurants in approximately 100 countries and U.S. territories. Restaurant Brands International owns two of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS® and BURGER KING®. These independently operated brands have been serving their respective guests, franchisees, and communities for over 50 years. To learn more about Restaurant Brands International, please visit the Company's website at www.rbi.com.
About TIM HORTONS®
TIM HORTONS®, part of Restaurant Brands International, is one of North America's largest restaurant chains operating in the quick service segment. Founded as a single location in Canada in 1964, TIM HORTONS® appeals to a broad range of consumer tastes, with a menu that includes premium coffee, hot and cold specialty drinks (including lattes, cappuccinos and espresso shots), specialty teas and fruit smoothies, fresh baked goods, grilled Panini and classic sandwiches, wraps, soups, prepared foods and other food products. As of March 31, 2016, TIM HORTONS® had more than 4,400 system wide restaurants located in Canada, the United States and the Middle East. More information about the Company is available at www.timhortons.com.
About Restaurant Development Partners
Restaurant Development Partners Corp. (RDP) are leaders in the retail, hospitality, and real estate development industries. With over 80 years of combined experience the RDP team is recognized for their commitment to service, quality, hospitality and partnership in the communities they do business. In addition to developing the Tim Hortons brand, RDP offers, real estate development services, operational expertise and construction management throughout North America. For more information on Restaurant Development Partners, please visit our website at www.rdevp.com
This press release includes forward-looking statements, which are often identified by the words "may," "might," "believes," "thinks," "anticipates," "plans," "expects," "intends" or similar expressions and reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements include statements about RBI's expectations regarding the growth potential of the Tim Hortons® brand in the Minneapolis and Duluth markets; and its expectations regarding the ability of RDP to build scale, drive brand growth and develop these markets. The factors that could cause actual results to differ materially from RBI's expectations are detailed in filings of RBI with the U.S. Securities and Exchange Commission and on the securities regulatory authorities in each province and territory of Canada, such as its annual and quarterly reports and current reports on Form 8-K and include the following: risks related to RBI's ability to successfully implement its domestic and international growth strategy; and risks related to RBI's ability to compete domestically and internationally in an intensely competitive industry. Other than as required under U.S. federal securities laws or Canadian securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, change in expectations or otherwise.
SOURCE Restaurant Brands International