An Affiliate of Sun Capital Partners, Inc. Acquires Timothy's Coffees of the World Inc.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla. -- Sun Capital Partners, Inc. ("Sun Capital"), a leading private investment firm specializing in leveraged buyouts leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. and investments in market-leading companies, today announced that one of its affiliates has acquired Timothy's Coffees of the World Inc. ("Timothy's"). Headquartered in Toronto, Timothy's is an operator and franchisor of a retail chain of 166 stores, approximately 70% of which are located in Ontario, under its Timothy's World Coffee Timothy's World Coffee (a.k.a. Timothy's) is a large Canadian chain of coffeeshops. Origin and background Timothy's is the third-largest Canadian-owned chain of cafés, behind Tim Horton's and Second Cup. , 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. Anthony Polazzi, Vice President, Sun Capital Partners, Inc., commented, "We are delighted to add Timothy's to our growing portfolio of restaurant and food service affiliates including existing controlling interests controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in ten restaurant companies and five companies operating in the wholesale food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. space. Timothy's is a well-known provider of premium coffee and bakery products through its network of 166 owned and franchised locations, as well as through its leading position within the wholesale single serve coffee and tea market." Polazzi continued, "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. 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ." Becky McKinnon, Executive Chairman, and Ian McKinnon, President, Timothy's Coffees of the World, Inc., 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." The McKinnons continued, "We intend to transition Timothy's to new leadership in the next few months and will continue to serve as consultants in the interim, shepherding the Company to new levels of development. We would like to thank our very dedicated and loyal staff for their contributions over the years, as well as our loyal customers and franchisees." About Timothy's Coffees of the World Inc. For over 30 years, Timothy's has roasted the finest Arabica a·rab·i·ca n. 1. a. A species of coffee, Coffea arabica, originating in Ethiopia and widely cultivated for its high-quality, commercially valuable seeds. b. The beanlike seed of this plant. 2. beans from throughout the world in its own roasting facility, resulting in specialty coffees with the richest aroma and best possible flavor. Timothy's owns and operates retail stores under the Timothy's World Coffee brand, as well as quick service casual restaurants under its mmmuffins and Michel's Baguette flags. In addition, Timothy's operates a wholesale coffee division which provides its high quality coffee and tea in single serve formats to retailers, distributors, and direct to consumers across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . About Sun Capital Partners, Inc. Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 185 companies worldwide with combined sales in excess of $35.0 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , as well as affiliates with offices in London, Tokyo, and Shenzhen. For more information, please visit www.SunCapPart.com. |
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