Tims China merges with Silver Crest to debut on Nasdaq

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The Chinese arm of coffeehouse chain Tim Hortons (Tims China) started to sell its shares on the Nasdaq after closing a merger with blank cheque company Silver Crest Acquisition Corp and at the same time received nearly USD200 million of additional financing.

Prior to listing, Tims China lured important investors such as Cartesian Capital Group, Restaurant Brands International, Tencent, Sequoia Capital and Eastern Bell Capital.

The company said its revenue in the first six months of this year had increased more than 70% to RMB404 million (USD55.3 million) year on year.

Although strong sales endorsed an ambition to compete with Starbucks, Luckin Coffee and other famous coffee brands, Tims China just opened its 500th outlet in October while Starbucks and Luckin had more than 5,800 and 7,000 cafes in China.

Morrison & Foerster, Zhong Lun Law Firm and Appleby advised Silver Crest on the US, PRC and Cayman Islands law, respectively.

Kirkland & Ellis, Han Ku Law Offices and Maples Group acted as US, PRC and Cayman Islands counsel, respectively, to Tims China.

Morrison & Foerster’s team was led by partner and global chair of private equity group Marcia Ellis , corporate partners Li Ruomu and Omar Pringle, together with corporate partner and co-chair of the global corporate department Mitchell Presser, corporate partners Joseph Sulzbach and John Owen, Hong Kong tax partner Matthew Lau, technology transactions partner Sun Chuan, partner and co-chair of the corporate finance David Lynn, and executive compensation partner Amanda Hines-Gold.

Zhong Lun Law Firm’s team was led by Anthony Zhao and Luke Zhang.

The Appleby team was led by Hong Kong managing partner and global co-head of SPACs David Bulley, and Cayman-based counsel and global co-head of SPACs Dean Bennett.

Kirkland & Ellis’ team was led by transactional partners Armand Della Monica, Joseph Raymond Casey and Lu Min, and capital markets partners Christian Nagler and Steve Lin, with assistance from transactional partners Jesse Sheley and Ram Narayan, capital markets partners Louis Rabinowitz and Christine Strumpen-Darrie, executive compensation partner Jake Ebers, tax partners Mike Carew and Christine Lehman, as well as technology & IP transactions partners Min Wang and Jeffery Norman.


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Luckin Coffee is seen as the biggest competitor to Starbucks in China. The company was delisted from Nasdaq in 2020 after it was revealed it had fabricated USD310 million in revenue, but its depositary receipts continued to trade over the counter