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OAKVILLE, Ont. — Tim Hortons has signed an exclusive master franchise joint venture agreement with a private equity firm to expand in China.

Under the agreement, Cartesian Capital Group will develop and open more than 1,500 Tim Hortons restaurants in China over the next 10 years.

Tim Hortons president Alex Macedo says the company’s two main priorities are building and strengthening the brand in Canada and expanding the brand to the rest of the world.

He says China’s population and vibrant economy represent an excellent growth opportunity.

In 2012, Cartesian Capital partnered with Tim Hortons parent company Restaurant Brands International and the Kurdoglu family to develop the Burger King brand in China.

Tim Hortons has more than 4,700 restaurants in Canada, the United States and around the world.