March 26, 2008, Boca Raton, FL - Sun Capital Partners, Inc. has announced that one of its affiliates
has acquired Timothy’s Coffees of the World Inc.
Sun Capital is a leading private
investment firm specializing in leveraged buyouts and investments in
market–leading companies.
Headquartered in Toronto, Timothy’s is an operator and franchisor of a
retail chain of 166 stores, approximately 70 per cent of which are located in
Ontario, under its Timothy’s World Coffee, mmmuffins, and Michel’s
Baguette brands. In addition, Timothy’s is a leading wholesale
distributor of single serve coffee and tea products. Terms of the
acquisition were not disclosed.
"Timothy’s represents an exciting opportunity to
invest in the retail and wholesale coffee segments, a rapidly growing
area of the food and beverage industry," said Anthony Polazzi, vice president of Sun Capital Partners. "We look forward to working with
Timothy’s management team and its dedicated associates in growing the
Company both organically and through add–on acquisitions in Canada and
in the United States."
Meanwhile, Becky McKinnon, Timothy's executive chairman, and Ian McKinnon, Timothy's president said, "We are very proud of the
growth and success we have enjoyed over the last 30 years, and have
determined that the best path going forward is to join forces with Sun
Capital Partners, a financial sponsor with deep operating experience in
quick service and fast casual restaurants, as well as the wholesale
food and beverage segments. We are confident that our partnership will
allow Timothy’s to fully realize its strategic potential."
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