Dubai-based private equity firm Gateway Partners has, reportedly, invested in the Gulf franchise of coffee and breakfast chain Tim Hortons, acquiring a 40% stake. Tim Hortons is part of retail conglomerate Apparel Group in the GCC.
Gateway Partners, which is led by former Standard Chartered banker Viswanathan Shankar, reportedly paid about $50 million for the holding. Gateway Partners made the investment through its Gateway Fund 1 in February 2020, indicates information on its website. However, Gateway Partners declined to comment.
Meanwhile, Apparel Group chairman Nilesh Ved has confirmed Gateway’s investment, which he said would be used to grow the business, but declined to discuss the value or size of the deal.
The website describes the Tim Hortons regional business as the chain’s leading franchise outside of North America, with 141 stores as of the end of last year across the Middle East.
While cafés and restaurants have been temporarily closed for dine-in across the GCC after a lockdown to contain the COVID-19 outbreak, Ved said six-seven Tim Hortons outlets remain open for deliveries to customers in Dubai and 15 are doing business in Saudi Arabia, through the use of third-party delivery apps.
Prior to the COVID-19 outbreak leading to movement restriction across the GCC, Ved had said that Apparel Group had planned to open another 300 Tim Hortons outlets in the next three years.
Legal and social barriers that exist for women’s access to jobs isJanuary 18, 2021 | By Shruthi Nair
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
Homegrown, organic and plant milk company, Koita has announced its expansion into
Today’s on-demand streaming services are ripe with docu-series and explainer videos on
International food retailer, SPAR has today announced a global partnership to tackle food waste with the
UAE-based concept grocery retail chain, Grandiose has opened a new supermarket within
US-based fast food chain, Nathan’s famous Inc. brings another New York classic,
The new Dubai Gold Souk is “very much on track”, according to
Gone are the days of traditional brick-and-mortar as well as purely e-commerce
The Dubai Gold & Jewellery Group’s ongoing jewellery campaign, held in association
The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi)
Retail Abu Dhabi, the retail platform of the Department of Culture and
Gulf Marketing Group (GMG) is gearing up for a continued surge in
UAE-based Emaar Malls have announced the resignation of its CEO, Rajiv Suri
Starbucks announced the launch of its new plant-based food options in all
The Lumière Co, a new e-commerce platform, has launched to offer young
Nakheel Malls, the retail arm of master developer Nakheel, has launched its
Serena Marketplace, a new community shopping and service centre for the Mediterranean-themed