![]() You can read about Cartesian Capital's investment in Tim Horton's China here. They appear to be a reputable private equity firm. Uphold: They invested in Uphold, a digital money platform offering a wide range of financial services.PetroRio: Cartesian invested in PetroRio, one of Brazil's largest independent oil and gas companies.Tim Hortons China: They partnered with Restaurant Brands International to expand the Tim Hortons brand in China.Burger King: Cartesian played a key role in Burger King's global expansion, particularly in China.Here are some of Cartesian's major investments: The firm often engages in large-scale investment projects and partnerships, particularly in markets that are undergoing significant economic transformation. They are known for creating and managing innovative, cross-border, private equity and structured investments in multiple regions, including the Americas, Asia, and Europe. ( QSR), which is a holding company including other major brands like Popeye's and Tim Horton's.Ĭartesian Capital Group is a global private equity firm that focuses on transnational investments. ![]() Burger King, as a global brand, is a part of Restaurant Brands International Inc. It is difficult to determine how Burger King China did during his tenure because there isn't publicly disclosed financials. His tenure at Tim Hortons China marks a significant period in the company's expansion and development in the Chinese market. Lu holds an undergraduate degree from Shanghai Jiao Tong University and an MBA from the Tuck School of Business at Dartmouth. Prior to this role, he served as the CFO of Burger King China from November 2012 to April 2018 and worked as the China Representative at Cartesian from January 2008 to January 2016. Yongchen Lu has been the CEO of THCH since May 2018. It's easy to see the growth potential for coffee in China, which we will talk about in a bit, but if you don't have good corporate governance and you're not willing to invest in a communist country, then this definitely is not the investment for you. Corporate GovernanceĪny discussion about China has to start with your overall appetite to invest in a communist country and then your comfort with the company's corporate governance. Overall, TH International Limited's formation and growth strategy represent a significant move in the global coffee shop market, particularly in the rapidly evolving and expanding Chinese market. This expansion strategy mirrors the aggressive growth tactics of other major coffee chains in the region, aiming to leverage the growing popularity of coffee in China, including coffee giant Starbucks ( SBUX). THCH has ambitious plans to open over 2,750 coffee shops by 2026, capitalizing on the under-penetrated Chinese coffee market and significant growth potential in China. The decision to form it this way was to allow Tim Hortons to extend its brand presence in the Chinese market through a local entity that understands and can navigate the unique aspects of the Chinese market effectively. TH International Limited was formed as a master-franchisee as opposed to a direct spin-off from Tim Hortons. Tims China's growth is a result of the increasing coffee consumption in China, which is growing at an annual rate of 30%, significantly higher than the global average of 2%. Tims China has been rapidly expanding since opening its first coffee shop in China in February 2019. It was founded as a partnership between Cartesian Capital Group and Restaurant Brands International Inc. Other key executives include Dong Li ( CFO), and Bin He (Chief Consumer Officer).Ĭommonly known as Tims China, THCH is the master franchisee of Tim Hortons coffee shops in China. The company is led by Yongchen Lu, who serves as the CEO. I wouldn't take a huge position in it, but for those people looking for a pure play and not willing to gamble on Luckin Coffee (more on this later), I think THCH is worth a shot. I believe it is a good play on the increasing consumption of coffee in China. The company is a subsidiary of Tim Hortons Inc. TH International Limited ( NASDAQ: THCH) is a company that operates Tim Hortons coffee shops in mainland China, Hong Kong, and Macau.
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