The monetary phrases of the merger haven’t been launched.
With the merger, TenEleven Hospitality now owns and operates 14 retail areas all through New York Metropolis and Lengthy Island, together with the six present Jack’s Stir Brew Espresso bars and eight VSV wine bars. The brand new guardian firm says three extra Jack’s espresso bars are at present “within the pipeline.”
The merger was led by the New York-based funding agency Feenix Enterprise Companions, which was an present lender to VSV. In the meantime, VSV founders and operators — Rakesh Chandiramani, Sebastien Auvet and Dilip Hari — will lead the guardian firm. The three have been concerned in company administration of Jack’s Stir Brew since 2020.
“The synergies between these companies had been clear and the VSV staff has finished an unimaginable job with Jack’s Espresso, so the merger made apparent sense,” Keith Lee, CEO of Feenix, mentioned in an announcement of the deal. “We’re actually enthusiastic about the place the staff will take the enterprise with this new mixture.”
Jack’s Stir Brew was based by Jack Mazzola in 2003 with a single location on tenth Road within the Greenwich Village neighborhood of Manhattan. The cafe was one of many first within the metropolis to advertise all Natural and Fairtrade-certified coffees. It was additionally the birthplace of a mechanical espresso grounds agitation system that will ultimately encourage the Stir Brew title.
In 2018, Mazzola shared plans to increase Jack’s by 25 new shops over a four-year interval, plus a potential nationwide rollout. These developments haven’t but come to cross, though TenEleven says future plans embody the launch of a wine and occasional membership, plus scaling brick-and-mortar operations to “extra markets within the Northeast and South.”
Does your espresso enterprise have information to share? Let DCN’s editors know right here.