Marubeni Enters Cafe Business with Iconic Canadian Coffee Brand Tim Hortons® in Southeast Asia
Feb. 28, 2023
Marubeni Corporation (“Marubeni”), through its wholly-owned Singapore-based subsidiary Marubeni Growth Capital Asia Pte. Ltd. (“MGCA”), has entered into an exclusive agreement with Tim Hortons Asia Pacific Pte. Ltd. (“Tim Hortons APAC”) to bring Tim Hortons® to Singapore. Marubeni is also engaged in discussions with Tim Hortons APAC to bring Tim Hortons to Malaysia and Indonesia subject to obtaining regulatory approvals and finalizing agreements. Tim Hortons, Canada’s iconic coffee brand, is owned by Restaurant Brands International (“RBI”), one of the largest Quick Service Restaurant franchisors globally.
According to International Coffee Organization, the increase in coffee consumption has become a well-established global trend, and in Southeast Asia, coffee consumption is expected to grow faster than this trend, driven by economic development such as rising income levels and increased urbanization, and shifts in consumer behavior. Especially among Millennials and Gen Z consumers, coffee shops are increasingly used as a social spot and online ordering and delivery services support customers’ desire to drink fresh coffee anytime and anywhere. Coffee shops are also now the “third-place” for social congregation, beyond work and the home.
Tim Hortons is a coffee and baked goods restaurant chain founded in Canada in 1964 that offers high quality coffee with a wide range of complementary fresh baked goods, with more than 5,600 shops in 14 countries around the world. Over the last 59 years, Tim Hortons has captured the hearts and taste buds of Canadians and guests around the world and has become synonymous with serving Canada’s favorite coffee. MGCA plans to serve quality coffee and fresh food tailored to local consumer tastes, and to provide an international café experience to customers.
Marubeni established the Next Generation Corporate Development Division in 2022 to invest in businesses that capture the growth of next generation consumers in Southeast Asia and the U.S. MGCA was founded as a new platform in Singapore to focus on investments in the broad consumer sector in Southeast Asia. The development and operation of Tim Hortons coffee shops is the first investment in Southeast Asia led by the Next Generation Corporate Development Division.
|■ Company Overviews|
|Head Office:||8 Marina View, #14-03 Asia Square Tower 1, Singapore 018960|
|Business description:||Investment in consumer related businesses in Southeast Asia focused on next generation consumers.|
|Head Office:||130 King Street West, Suite 300, Toronto, Ontario|
|Representative:||José E. Cil|
|Business description:||Owns and operates Quick Service Restaurant brands such as Tim Hortons, Burger King, Popeyes, Louisiana Kitchen and Firehouse Subs.|