MISSISSAUGA, Ont. — The Second Cup Ltd. says it has agreed to buy Ottawa-based Bridgehead Coffee in a $9.5-million deal.
It says the acquisition is the first since it announced last month a new operating structure and strategy under the name Aegis Brands.
Steven Pelton, CEO of Second Cup, says Bridgehead has strong community roots and significant growth potential.
The Ottawa chain has 19 locations, all corporate-owned, which The Second Cup says will continue to operate under the Bridgehead name.
Bridgehead CEO Tracey Clark says the deal, which includes $6 million in cash and $3.5 million in Second Cup shares, gives the brand resources to expand while staying true to its efforts to advocate for small-scale farmers and foster community connections.
Second Cup said in November it would restructure under the Aegis Brands name and look for acquisitions in the coffee, foodservice and cannabis sectors — particularly regional brands that could grow nationally. The name and structure change are still subject to shareholder approval and won’t take place until next year.
This report by The Canadian Press was first published Dec. 5, 2019.
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