Gateway Partners buys stake in Tim Hortons Gulf franchise from Apparel Group – The National

Gateway Partners buys stake in Tim Hortons Gulf franchise from Apparel Group – The National

Gateway Partners buys stake in Tim Hortons Gulf franchise from Apparel Group. Apparel Group to use the funds to grow the business, chairman said. Private equity firm Gateway Partners purchased a stake in the Tim Hortons Gulf franchise from the Apparel Group, which owns and manages the coffee chain franchise in the region.. Apparel Group's chairman Nilesh Ved confirmed Gateway's investment, following a report by Reuters, but declined to reveal the value or size of the deal when contacted by The National on Saturday.. Gateway Partners, which is led by former Standard Chartered banker Viswanathan Shankar, reportedly paid about $50 million (Dh183m) for a 40 per cent stake, Reuters reported last week citing sources.. Gateway's investment will help Apparel Group expand the coffee chain in Egypt and India as well as in the Gulf markets, Mr Ved told Reuters.. The Apparel Group has more than 1750 stores and 75 brands across all platforms employing 17,000 people, according to its website.. Mr Ved told Reuters that six or 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.. Before the crisis and rules