By Staff writer
Deal is reported to be worth $50 million, according to reports
Dubai-based private equity firm Gateway Partners has acquired a 40 percent stake in the Gulf franchise of coffee and breakfast chain Tim Hortons in a deal reported to be worth $50 million, according to reports.
The franchise is owned and operated by Dubai fashion and lifestyle retail conglomerate Apparel Group.
Arabian Business has contacted Gateway for comment. Information on the company website states the investment was made in February this year.
Under its investments section, it described the Middle East operations as: “The leading Tim Hortons franchise outside of North America with 141 stores as at end FY19 across the Middle East.”
According to news agency Reuters, the investment will be used to grow the business.
Nilesh Ved, chairman of Apparel, is quoted as saying that before the onset of coronavirus, the company had planned to open another 300 Tim Hortons outlets in the next three years.
Gateway is an emerging markets alternative investment manager established in 2014 to connect private capital to attractive investment opportunities across South and Southeast Asia, Middle East and Africa.