tim hortons merged with burger king in 2002.
tim hortons merged with burger king in 2002.
when did tim hortons merge with burger king?
2002
in august 2014, burger king announced its intent to acquire the canadian restaurant and coffee shop chain tim hortons. 3g capital purchased tim hortons at $65.50 per-share, and a new holding company was formed, based in oakville, ontario, canada. 3g holds a 51% majority stake, tim hortons' existing shareholders owning 22%, and a 27% stake held by burger king shareholders. berkshire hathaway partially funded the purchase by buying $3 billion worth of preferred shares. burger king ceo daniel schwartz became ceo of the company, with existing tim hortons ceo marc caira becoming vice-chairman and director. the two chains retained separate operations post-merger, with burger king remaining in its miami headquarters. the deal was subject to approval by tim hortons shareholders and canadian regulatory authorities. a tim hortons representative stated that the proposed merger would allow tim hortons to leverage burger king's resources for international growth. the combined company became the third-largest international chain of fast food restaurants. from 1995 to 2005, tim hortons had been owned by wendy's restaurants, a competitor to burger king.
history of burger king
in 2010, tim hortons opened its northernmost locations in the world: three kiosks at northmart stores in iqaluit, nunavut. this expanded tim horton’s presence in every province and territory of canada. according to nick javor, senior vice-president of corporate affairs at tim hortons, "you could say it's overdue. if we can be in kandahar, why can't we be in iqaluit?" in december 2011, tim hortons opened its 4000th restaurant. in 2012, tim hortons inc. recorded its total revenues at $3.12 billion (cdn). as of 2012 the company had expanded across canada. as of june 30, 2013, tim hortons has 4,304 restaurants, including 3,802 in canada, 807 in the united states, 29 in the middle east. tim hortons reportedly had plans by 2013 to enter the large indian market, which the company denied.
tim hortons