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Bruegger's acquires restaurant holdings for Timothy's Coffees
November 15, 2009
Bruegger's Enterprises Inc., operator of 292 franchise and corporate-owned Bruegger's Bakery Cafés, announced that it has acquired the restaurant holdings of Timothy's Coffees of the World Inc., based in Toronto, Ontario.
Timothy's, a wholesale coffee distribution company serving Canada and the U.S., diversified in the late 1970s to encompass three restaurant brands including Timothy's World Coffee, mmmuffins and Michel's Baguette. The restaurants are presently managed through franchise agreements and a minority of company-owned operations.
Bruegger's, through a wholly owned subsidiary called ThreeCaf Brands Canada Inc., will assume operations of company-owned assets including 12 existing restaurant units and a production facility. It also will serve as franchisor for 128 franchise-owned locations of the three restaurant brands. All operations are located in Canada.
"We are eager to build relationships with the franchisees of Timothy's World Coffee, mmmuffins, Michel's Baguette and our Canadian team members. As a longtime operator and franchisor of bakery cafés in the U.S., we will provide a strong base of support and a growth platform for the three brands, while allowing the seller to focus on its growing core roasting business," Jim Greco, Bruegger's CEO, said.
The acquisition is the eleventh and largest one for the Burlington-based company since Greco became CEO in 2003, and brings the total number of restaurant units managed by the company to more than 430 throughout North America.
Bruegger's continues to grow its own brand, recently opening in its 25th state, with plans to open 15 new bakeries by first quarter of 2010. Revenues for the fast casual chain topped $200 million in fiscal year 2008.
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