Le Duff America Subsidiary sells Timothy’s World Coffee and Mmmuffins to Canada-based multiconcept operator.
MTY Food Group Inc. will acquire the assets of Timothy's World Coffee and Mmmuffins from Threecaf Brands, Canada, a subsidiary of Le Duff America. Valued at an estimated $1.675 million, the deal for these two cafe style franchise operations is expected to close in April.
Under the terms of the agreement, MTY will acquire the current 28 franchised and 7 corporately owned Timothy's locations in Canada, 2 licensed Timothy's locations in the United States, 3 Mmmuffins and 2 co-branded franchised locations in Canada and the license to operate and franchise coffee shops under the tradename Timothy's which is owned by Keurig Canada.
During the past 12 months, the Timothy's and Mmmuffins networks have generated sales of approximately $15.6 million, per a release announcing the deal.
Upon completion of the deal, MTY expects to move the Timothy's and Mmmuffins operations to its office located in Richmond Hill, Ontario.