MTY Food Group Completes Acquisition of Timothy's World Coffee and Mmmuffins

MTY Food Group Inc. announced that pursuant to the announcement made on February 15, 2018, it has acquired the assets of Timothy's World Coffee and Mmmuffins. Image: Timothy's World Coffee

MONTREAL -- MTY Food Group Inc. announced that pursuant to the announcement made on February 15, 2018, it has acquired the assets of Timothy's World Coffee and Mmmuffins, from Threecaf Brands, Canada, Inc., a subsidiary of Le Duff America.

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The total consideration for the transaction is approximately $1.7 million, of which $1.2 million was paid on closing while $0.3 million was retained as holdback on the transaction and $0.2 million in net liabilities was assumed.  The consideration paid on closing was financed from MTY's cash on hand.

At closing, the combined networks operate 32 franchised and 7 corporately-operated locations.

Mr. Jason Brading will be leading the Timothy's World Coffee and Mmmuffins operations following the closing of the transaction.  MTY expects to move the operations of the two brands to its office located in Richmond Hill, Ontario.

SOURCE MTY Food Group Inc.