The two firms are newbies in the private equity space, having only been launched in January this year
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Vancouver-based SouthPac Partners had its eyes set on Cinnaroll – but it wanted to share a bite with Skidmore Development Group in an attempt to take over the baker group and expand its business.
According to PE Hub Network Canada, the two announced their joint acquisition of the former affiliate of US-based Cinnabon last week as their official debut deal in the market.
Cinnaroll’s senior executives Barry Wolton and Craig Parsons sold the firm for an undisclosed amount, the report said.
Skidmore managing director and CFO Jas Boparai and SouthPac managing partner Jeremy South said they have big plans to expand Cinaroll on a global scale.
Cinnaroll was launched in 1987 as an affiliate of Cinnabon. Around 10 years later, it became a separate firm, setting up its headquarters in Calgary. Currently, it owns a wholesale business dubbed Cinarrol by Baker Boys and a network of franchises named CinnZeo.
Boparai and South told PE Hub that they want to grow Cinnaroll by Baker Boys by expanding its footprint in North America. New growth areas will be identified, with the new owners prioritising opportunities in the US.
Meanwhile, the CinnZeo network, which comprises 72 corporate and franchised café-style stores in Canada, Mexico, and the Middle East, will also be expanded to other global markets.
The two will still be supported by Wolton and Parsons as they hire a new CEO for the business.
SouthPac and Skidmore are newbies in the private equity space, having been launched only in January this year. SouthPac has a focus on investing in firms involved in consumer, business services, real estate, and other industries prominent in western Canada and in northwestern United States.
On the other hand, the Skidmore Group eyes injecting assets directly in small and mid-market companies in the areas of retail, distribution, real estate, and other industries across North America.
For more of Wealth Professional's latest industry news, click here.
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According to PE Hub Network Canada, the two announced their joint acquisition of the former affiliate of US-based Cinnabon last week as their official debut deal in the market.
Cinnaroll’s senior executives Barry Wolton and Craig Parsons sold the firm for an undisclosed amount, the report said.
Skidmore managing director and CFO Jas Boparai and SouthPac managing partner Jeremy South said they have big plans to expand Cinaroll on a global scale.
Cinnaroll was launched in 1987 as an affiliate of Cinnabon. Around 10 years later, it became a separate firm, setting up its headquarters in Calgary. Currently, it owns a wholesale business dubbed Cinarrol by Baker Boys and a network of franchises named CinnZeo.
Boparai and South told PE Hub that they want to grow Cinnaroll by Baker Boys by expanding its footprint in North America. New growth areas will be identified, with the new owners prioritising opportunities in the US.
Meanwhile, the CinnZeo network, which comprises 72 corporate and franchised café-style stores in Canada, Mexico, and the Middle East, will also be expanded to other global markets.
The two will still be supported by Wolton and Parsons as they hire a new CEO for the business.
SouthPac and Skidmore are newbies in the private equity space, having been launched only in January this year. SouthPac has a focus on investing in firms involved in consumer, business services, real estate, and other industries prominent in western Canada and in northwestern United States.
On the other hand, the Skidmore Group eyes injecting assets directly in small and mid-market companies in the areas of retail, distribution, real estate, and other industries across North America.
For more of Wealth Professional's latest industry news, click here.
Related Stories:
Inside Canada’s newest capital pool company
Advisor: These are my top investment picks
