TORONTO, Ontario (August 18, 2008) – Penfund, an independent investment company specializing in providing capital to middle market companies, announced today a $18 million debt investment in Timothy’s Coffees of the World Inc. (“Timothy’s”), an affiliated portfolio company of Sun Capital Partners, Inc. (“Sun Capital”). The terms of Penfund’s investment were not disclosed.
“Penfund is proud of its new partnership with Timothy’s, a pioneer in the North American specialty coffee industry,” said Barry Yontef, Partner, Penfund. Mr. Yontef added that “Timothy’s represents an ideal client since it has a strong new management team supported by the deep operating experience of Sun Capital and exceptional prospects within the growing coffee, restaurant and wholesale segments”.
George Michel, Timothy’s CEO said, “We are pleased to embark upon this new relationship with Penfund. They have demonstrated a thorough understanding of our business and we look forward to working together to grow Timothy’s”.
About Timothy’s Coffees of the World Inc.
Timothy’s sells premium coffee and related food items through its restaurant division, which operates 157 corporate and franchised quick service restaurants under the Timothy’s World Coffee, mmmuffins and Michel’s Baguette banners and its wholesale division. The wholesale division produces single serve K-cups for the highly successful Keurig single-serve coffee system. Timothy’s restaurants operate predominately in Eastern Canada, while its wholesale division supplies K-cups and other products to customers across North America. The Company roasts and packages coffee at its 35,000 square foot roasting facility located in Toronto, Canada.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more that 195 companies worldwide with combined sales in excess of $40.0 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Tokyo, Shenzhen, Paris and Frankfurt.
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Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is currently investing its most recently established fund, Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has invested more than $3 billion in over 225 companies since its establishment. Assets under management are approximately $2.5 billion.