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In 2014, Tim Hortons was one of the largest stand-alone publicly-traded restaurant chains in North America based on market capitalization, and the largest in Canada. On December 12, 2014, the transaction between Tim Hortons Inc. (TSX, NYSE: THI) and Burger King Worldwide, Inc. (NYSE: BKW) was successfully completed. The transaction created Restaurant Brands International Inc. (RBI), a new global quick service restaurant leader operating two iconic, independent brands, with approximately $23 billion in system sales and over 18,000 restaurants in 100 countries.
The Tim Hortons chain was founded in 1964 in Hamilton, Ontario. The chain's focus on top quality, always fresh product, value, great service and community leadership has allowed it to grow into the largest quick service restaurant chain in Canada specializing in always fresh coffee, baked goods and homestyle lunches. The chain's biggest draw remains its legendary Tim Hortons coffee.
As of December 31st, 2014, we had 4,671 system wide restaurants, including 3,729 in Canada, 884 in the United States and 58 in the Gulf Cooperation Council. Our head office remains located in Oakville, Ontario, Canada. Further details about our unique business model can be found here.
In 2014 we celebrated our 50th anniversary. On May 17th, 1964 the very first Tim Hortons was opened in Hamilton, Ontario. Since then, we have grown beyond Hamilton to across Canada, the United States, and even to the Gulf Cooperation Council. Throughout the year we celebrated with many special events.
On May 17th, 2014 free birthday-cake donuts were offered to all guests in restaurant, and corporate employees had the pleasure of surprising guests with free orders at their local restaurants.
Renovated Restaurant #1, Hamilton, ON Yonge & Dundas Square in Toronto was transformed into a vintage 1960s Hamilton street scene to commemorate our 50th anniversary in early 2014. Team members wore 1960s costumes and Tim Hortons uniforms and provided free coffee and birthday-cake donuts to all visitors. Special guests former Toronto Maple Leafs Johnny Bower and Ron Ellis, were on hand along with a dedicated Stanley Cup exhibit. Other entertainment was provided by Nikki Yanofsky. Travel back to 1964 with this video.
Later in our anniversary year, our first restaurant on Ottawa Street in Hamilton, Ontario was renovated to include a special memory-lane museum. The memory-lane museum holds a large collection of old Hamilton city pictures, retro coffee cups, employee uniforms, and vintage bakery equipment. The newly renovated restaurant was built with low-flow fixtures, high efficiency hand dryers, LED lighting and lighting controls, and energy management controls for the HVAC system. At the grand opening a donation of $10,000 was presented to Food4Kids, a local Hamilton charity that provides healthy food for kids aged 5-14.
The Tim Hortons business model is time-tested and different from that of most quick service restaurant companies. This model has helped create a 50-year history of growth and strong performance.
The Tim Hortons business model includes significant levels of real estate control and vertical integration, supporting our highly franchised business. We believe that each aspect of our model contributes to our success and creates system advantages, while also generating system benefits and value for our Restaurant Owners.
Our Restaurant Owners are the heart of our system. We believe the quality, commitment and engagement of our Restaurant Owners set us apart from other corporate and franchised systems. Virtually all of our system is franchised (more than 99%) except for a very small number of corporately-run restaurants used primarily for training purposes. We work collaboratively with our Restaurant Owners to collectively grow our system, and we work hard to foster positive relationships and mutual success.
In 2014, we operated five distribution centres located across Canada (Langley, BC; Calgary, AB; Guelph, ON; Kingston, ON; Debert, NS) that supply various combinations of dry, frozen and refrigerated products to our restaurants. In the U.S., we supply similar products to our restaurants through third-party distributors. Our operations also include coffee-roasting plants in Rochester, NY and Hamilton, ON, as well as a fondant and fills manufacturing facility in Oakville, ON.
Our Company won the following awards or were named to the following indexes in 2014:
Our Company was a member of the following industry associations during 2014: