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Tims China completes business combination with Silver Crest – Press Release

NEW YORK and SHANGHAI, Sept. 28, 2022 (GLOBE NEWSWIRE) — TH International Limited, the exclusive operator of Tim Hortons coffee shops in China (“Tims China” or the “Company”) announced today that its business combination (the “Business Combination”) with Silver Crest Acquisition Corporation (“Silver Crest”), a special purpose acquisition entity approved at a Silver Crest extraordinary general meeting on August 18, 2022, closed today. The combined company will retain the TH International name and its shares and warrants are expected to trade on NASDAQ on or about September 29, 2022 under the symbols “THCH” and “THCHW”, respectively.

Founded by Cartesian Capital Group and Restaurant Brands International, Tims China opened its first store in Shanghai in 2019 and currently operates over 460 cafes across China. Tim’s China serves millions of guests, including nearly 9 million loyalty club members, freshly brewed beverages and baked goods. The company welcomed other 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 remarkable 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 to grow Tims China as we plan 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 in additional financing, including, but not limited to, approximately $94.5 million from the PIPE financing (including $50 million subject to an equity support agreement) and up to $100 million in a committed equity facility from CF…

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