- TH International Limited (QSR) has closed its business combination with Silver Crest Acquisition Corporation
- The combined company will retain the TH International name, and its shares and warrants are expected to begin trading on NASDAQ on or around September 29, 2022
- Tims China currently operates over 460 coffee shops across China
- Silver Crest Acquisition Corp is a blank check company
- Silver Crest Acquisition Corporation (SLCR) opened trading at C$7.99
TH International Limited (QSR), the operator of Tim Hortons coffee shops in China, has closed its business combination with Silver Crest Acquisition Corporation.
The combined company will retain the TH International name, and its shares and warrants are expected to begin trading on NASDAQ on or around September 29, 2022.
Founded by Cartesian Capital Group and Restaurant Brands International, Tims China opened its first store in Shanghai in 2019 and currently operates over 460 coffee shops across China.
Peter Yu, Chairman of Tims China, said, “This is a notable milestone for Tims China and, more importantly, a tribute to our 4,500 dedicated professionals across China. The listing and associated funding will allow us to continue growing Tims China as we aim to build a profitable network of 2,750 stores by 2026. We are grateful to our millions of amazing guests, whose support and patronage is a true privilege.”
Tims China will have access to nearly $200 million of additional financing, including, among others, approximately $94.5 million from PIPE financing (including $50 million subject to an equity support agreement) and up to $100 million in a committed equity facility from CF Principal Investments LLC, an affiliate of Cantor Fitzgerald. Yongchen Lu, CEO of Tims China, and Derek Cheung, former CEO of Silver Crest, have also joined Tims China’s Board of Directors.
TH International Limited is the parent company of the exclusive master franchise of Tim Hortons coffee shops for Restaurant Brands International Inc. (TSX: QSR) in China, including Hong Kong and Macau. TH International Limited was founded by Cartesian Capital Group and Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International.
Restaurant Brands International Inc. (QSR) opened trading at C$76.00.
