Aegis Brands Inc. has signed a deal to sell its Bridgehead coffee house business to Pilot Coffee Roasters for $3.5 million. A sign hangs outside a Bridgehead cafe in Ottawa, Tuesday Sept. 1, 2020. THE CANADIAN PRESS/Adrian Wyld
January 29, 2024 - 6:28 AM
TORONTO - Aegis Brands Inc. has signed a deal to sell its Bridgehead coffee business to Pilot Coffee Roasters for $3.5 million.
In addition to Bridgehead, Aegis Brands owns and operates St. Louis Bar and Grill and Wing City by St. Louis.
Aegis Brands chief executive Steven Pelton says the sale allows the company to build on the momentum of the St. Louis brand.
Toronto-based Pilot Coffee Roasters is a specialty coffee roaster, online retailer, wholesaler and café operator.
The sale is expected to close in the first quarter of 2024.
Aegis says proceeds from the deal will be used to reduce debt and for general working capital purposes.
This report by The Canadian Press was first published Jan. 29, 2024.
Companies in this story: (TSX:AEG)
News from © The Canadian Press, 2024