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Aegis to seek more pot retail deals after Second Cup sale: CEO - Article

Selling Canadian coffee shop Second Cup Coffee Co. will give Aegis Brands Inc. a stronger balance sheet to pursue future M&A in the cannabis retail sector, the head of the company said.
Aegis said in a release on Monday that it will sell Second Cup to Quebec-based Foodtastic Inc. for $14 million, plus a post-closing earn-out. There are 231 Second Cup outlets in Canada, according to the company s most recent quarterly report, 31 of which are corporate-owned.
The sale will mark the end of Second Cup s four-decade-long run as one of Canada s biggest independent coffee shop franchises. Second Cup has seen its market share dwindle in recent years amid the emergence of stronger competitors like Starbucks Inc., McDonalds Corp, and Restaurant Brands International Inc. s Tim Hortons. ....

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Aegis Brands selling Second Cup Coffee Co. to Quebec restaurant franchiser Foodtastic

Quebec-based food franchising business Foodtastic Inc. announced a deal Monday to buy troubled coffee chain Second Cup Coffee Co. and has big plans for the brand, including opening more than 100 new . . . ....

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Market movers: Stocks seeing action on Monday - and why

Market movers: Stocks seeing action on Monday - and why
theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.

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Second Cup Coffee Chain Sold To Quebec-Based Buyer In Cash Deal

Foodtastic is a Montreal-based franchiser of multiple restaurant concepts, including casual restaurant dining chain Nickels – originally created by a group including pop icon Celine Dion.
“Second Cup has been a Canadian staple for almost 45 years and we’re excited to welcome them into the Foodtastic family,” Peter Mammas, president and CEO of Foodtastic, said in a statement.
“We look forward to working with all our new franchisees and emerging through this pandemic with a revitalized Canadian leader in the premium coffee segment,” he said. “This acquisition is consistent with our strategy of acquiring quality Canadian brands with growth potential.”
The Second Cup Ltd. changed its name to Aegis Brands as part of a plan to diversify beyond coffee shops. ....

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Aegis Brands selling Second Cup to Foodtastic

Aegis Brands selling Second Cup to Foodtastic
bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.

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