MONTREAL - MTY Food Group Inc. has signed a deal to buy Timothy's World Coffee and Mmmuffins from a subsidiary of Le Duff America for $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 locations in United States, 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.
Timothy's and Mmmuffins will join MTY's other banners which include Thai Express, Vanellis and Manchu Wok.
The deal is expected to close in April, subject to regulatory approvals and other conditions.
The acquisition follows MTY's announcement late last year to buy Imvescor Restaurant Group Inc. and its Baton Rouge, Pizza Delight and Scores restaurants.
