Dubai-based private equity firm Gateway Partners has acquired a 40-per-cent stake in the Gulf franchise of coffee and breakfast chain Tim Hortons, two sources familiar with the matter told Reuters.
Apparel’s chairman Nilesh Ved 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.Gateway Partners made the investment through its Gateway Fund 1 in February, information contained on its website shows. Cafes and restaurants have been closed for eating-in across the Gulf after a lockdown to contain the coronavirus outbreak.
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