Entrepreneur Marcus Lemonis, known for helping turn around businesses on the CNBC reality show “The Profit,” has bought a majority stake in Chicago coffee chain Bow Truss Coffee Roasters.
Lemonis didn't disclose the purchase price but said he bought the “vast majority” of the business, reported Crain’s Chicago Business.
Bow Truss Coffee Roasters “definitely needed an infusion in both cash and resources,” Lemonis told the paper.
Aside from providing cash to pay off debt, Lemonis also plans to put his investment into growing the businesses.
Lemonis called Bow Truss “a hometown brand that has a lot of potential, both on the retail and the wholesale side.”
Bow Truss Coffee Roasters owner, Philip Tadros, and a small number of investors will retain a “very small, small percentage of equity,” but Lemonis said he has “the bulk of the ownership, if not most of it” and has already moved his own team into the business.
Lemonis also the chairman and CEO of Camping World Holdings, a Lincolnshire, Illinois-based equipment retailer and RV dealer that is planning for a $300 million initial public offering.
In 2014, Lemonis partnered with Fischer Enterprises to buy New York-based Crumbs Bake Shop out of bankruptcy for $6.5 million.
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