TORONTO — The Second Cup Ltd. is set to implement a new operating structure in support of its new strategy. Subject to TSX and shareholder approval, the existing public company will change its name to Aegis Brands Inc., which will own and operate the existing Second Cup Coffee Co. specialty-coffee business as part of a portfolio of brands. Steven Pelton, president and CEO of Second Cup, will assume the role of CEO of Aegis Brands.
“We created Aegis with the vision of building a portfolio of amazing brands that can grow and flourish with access to our resources and expertise,” says Pelton. “We’re committed to letting each company under the Aegis Brands umbrella operate as an independent brand and to working with them to provide shared expertise — and shared services — to help them thrive.”
The company intends to contribute the existing Second Cup Coffee Co. business to a wholly owned subsidiary in the new year. Although Second Cup is the only brand under the Aegis umbrella as of today, Pelton confirmed the company is actively seeking acquisitions with a focus on foodservice, coffee and cannabis.
The company will seek shareholder approval to change its name to Aegis Brands at its next Annual General Meeting in May 2020.