Private equity firm Cartesian Capital Group has reached a non-binding term sheet with Restaurant Brands International’s (RBI) fast-food chain Popeyes.
The agreement is for the development of the Popeyes brand across the People’s Republic of China.
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It is expected to contribute to the brand’s growth strategy to increase its presence in key global markets.
Cartesian Capital Group managing partner Peter Yu said: “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.
“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.”
The deal is subject to the execution of customary due diligence and definitive documents, as well as approval from both companies.
Cartesian Capital Group stated that it will aim to provide ‘a seamless in-store experience for the customers’ that will be ‘characteristic of the Popeyes brand’.
Founded in 1972, Popeyes has more than 3,850 restaurants in over 30 countries across the globe.
Since last year, the brand has announced deals to enter India, France, Romania, South Korea and the UK, as well as to expand its operations in Saudi Arabia and Mexico.
Popeyes’ other international expansions include Sri Lanka, Brazil, Spain, Switzerland and the Philippines.
In June, Popeyes announced plans to further expand its footprint in the UK by opening six new restaurants.
It plans to open these new outlets in Oxford, Reading, Nottingham, Brighton, Gateshead and Ealing.
