Dubai-based private equity firm Gateway Partners has acquired a 40% stake in the Gulf franchise of coffee and breakfast chain Tim Hortons, two sources familiar with the matter told Reuters.

Gateway Partners, which is led by former Standard Chartered banker Viswanathan Shankar, paid about $50 million for the holding, the sources, who declined to be named, said.

Gateway declined to comment.

The franchise is owned and managed by Dubai-based fashion and lifestyle retail conglomerate Apparel Group.

For more information on this deal, please click on the franchise news link to visit World Franchise Associates page.

Source: World Franchise Associate