Tims China Completes Business Combination with Silver Crest Acquisition Corporation
29 September 2022 - 8:22AM
TH International Limited, the exclusive operator of Tim Hortons
coffee shops in China (“Tims China” or the “Company”) today
announced that its business combination (the “Business
Combination”) with Silver Crest Acquisition Corporation (“Silver
Crest”), a special purpose acquisition company, which was approved
at an Extraordinary General Meeting of Silver Crest on August 18,
2022, has closed today. The combined company will retain the TH
International name and its shares and warrants are expected to
begin trading on NASDAQ under the symbols “THCH” and “THCHW,”
respectively, 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. Tims China serves freshly brewed beverages and baked
goods to millions of guests, including nearly 9 million loyalty
club members. The Company has welcomed additional world-class
shareholders and partners, including Tencent Holdings and Sequoia
China, and launched innovative collaborations with METRO China, a
leading retailer, and Easy Joy, China’s largest convenience store
chain.
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.”
Transaction Details
In connection with the Business Combination,
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.
About TH International
Limited
TH International Limited is the parent company
of the exclusive master franchise of Tim Hortons coffee shops for
Restaurant Brands International Inc. (TSX: QSR) (NYSE: 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.
Tims China offers freshly brewed coffee, tea and
other beverages, bakery & sides, and sandwiches and is an
emerging coffee champion in China. The brand's philosophy is rooted
in world-class execution and data-driven decision making and
centered on true local relevance, continuous innovation, genuine
community, and absolute convenience. For more information, please
visit www.timhortons.com.cn.
Contacts
Investor RelationsTims China
Investor Relations:IR@timschina.com
ICR, LLCTimsChinaIR@icrinc.com
Public Relations ICR, LLC
TimsChinaPR@icrinc.com
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Without limiting the generality of the foregoing, the
forward-looking statements in this press release include
descriptions of the Company’s future commercial operations.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, such as the Company’s inability to implement its business
plans, identify and realize additional opportunities, or meet or
exceed its financial projections and changes in the regulatory or
competitive environment in which the Company operates. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the Company’s registration statement on
Form F-4, as amended, which was declared effective by the U.S.
Securities and Exchange Commission (the “SEC”) on July 20, 2022 and
other documents to be filed by the Company with the SEC from time
to time, which could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements. The Company cannot assure you that these
forward-looking statements will prove to be accurate and assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
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