FOR IMMEDIATE RELEASE
March 19, 2019
SUCCESSFUL HIGH-END THIRD-WAVE COFFEE SHOP ANNOUNCES SALE
Contacts:
Curtis D. Kuttnauer
Golden Circle Advisors, Inc.
(248) 896-8600 x300
curtis@teamgca.com
Fred G. Manuel
Golden Circle Advisors, Inc.
(248) 896-8600 x301
fred@teamgca.com
SUCCESSFUL HIGH-END THIRD-WAVE COFFEE SHOP ANNOUNCES SALE
(PETOSKEY, MICHIGAN)
Golden Circle Advisors is pleased to announce the acquisition of Dripworks Coffee, LLC of Petoskey, MI by Populace Coffee, LLC. of Bay City, MI. After 4 1/2 years, 70,000 lattes, 65,000 croissants and 20,000 frittatas the owners Danielle Charles and Mike Davies decided to sell their successful high-end third-wave coffee shop. The new owners are highly experienced coffee entrepreneurs, owning Populace Coffee that is both a coffee roasting operation owning and operating three coffee shops, one in Bay City, Detroit and now Petoskey, Michigan.
Danielle and Mike are pleased to have had Golden Circle Advisors (GCA), a business brokerage firm headquartered in Traverse City, Michigan, with offices in Plymouth, Michigan, act as the broker for the transaction. In fact, the sale of Dripworks Coffee was GCA’s first client using its recently announced Seller’s Advisory Service (SAS™) Program designed to aid small business owners in selling their business. “We came across Golden Circle Advisors and the timing was perfect, since they just created a new program for small businesses,” said Mike Davies.
Mike continued, “In fact, many have no interest in helping small businesses the size of ours. Since we were uncomfortable trying to sell Dripworks Coffee by ourselves, the Golden Circle SAS Program was a perfect fit. The SAS Program provided us with expertise in valuing our business, plus the expertise necessary to develop a very professional and convincing Confidential Business Review (CBR) that would be used to market our business.”
The new owner, Andrew Heppner said that “Mike and Danielle, spent the last 5 years cultivating a culture of excellence and quality in this beautiful little shop on Howard St. We can’t wait to carry on their legacy under the Populace umbrella. The Dripworks Coffee name will be no more but under the name Populace Coffee, we will continue to bring high-quality coffee and exceptional baked goods to the people of Northern MI.”
About Dripworks Coffee, LLC
Founded in 2014; Dripworks Coffee started the first and only high-end third-wave coffee shop in Northern Michigan. Dripworks have been providing the area with exceptional coffee and delicious artisan baked goods.
About Populace Coffee, LLC
Founded in 2010; Populace Coffee started its coffee roasting operations in Bay City, Michigan and now has three successful cafes in Bay City, Detroit and now Petoskey, Michigan.
Golden Circle Advisors, Inc. (GCA) Golden Circle Advisors is a business intermediary advisory firm that specializes in working with small to mid-sized privately held businesses. Working with owners in positioning and marketing their business for sale. Using a comprehensive process to identify appropriate acquirers through various marketing methods and utilizing an extensive network, including private equity firms, owners of privately held corporations and individual investors.