MONTREAL — MTY Food Group Inc. has announced that one of its wholly owned subsidiaries has signed an agreement to acquire the assets of Timothy’s World Coffee and Mmmuffins from Threecaf Brands, Canada, Inc. — a subsidiary of Le Duff America — for an estimated $1.675 million.
Under the terms of the agreement, MTY will acquire the current 28 franchised and seven corporately owned Timothy’s locations in Canada, two licensed Timothy’s U.S. locations, three Mmmuffins and two co-branded franchised locations in Canada. It will also acquire the license to operate and franchise coffee shops under the trade name Timothy’s, which is owned by Keurig Canada.
The transaction is expected to close in April of 2018 and remains subject to multiple conditions, including standard regulatory approvals and other conditions customary for a transaction of this nature. There is no assurance the transaction will be completed as described above or at all, or that the anticipated closing date will materialize.
MTY expects to move the Timothy’s and Mmmuffins operations to its office in Richmond Hill, Ont.