Serruya Private Equity puts $8 mln loan to work in Second Cup
The Second Cup Ltd (TSX: SCU) has obtained an $8 million secured term loan from SPE Finance LLC, an affiliate of Serruya Private Equity (SPE), which invests on behalf of Canada's Serruya family. As a result of the deal, Second Cup agreed to nominate an SPE representative to its board of directors. The loan's proceeds will be used to repay the company's $6 million credit facility and for other purposes. Toronto-based Second Cup is a specialty coffee retailer operating over 295 franchised and directly-owned cafes. SPE Managing Director Michael Serruya said his firm will help build the "iconic Canadian brand."
5 December 2016•2 mins read
