Chicago just received a jolt of news, as Marcus Lemonis, the entrepreneur and host of TV’s The Profit, has reportedly agreed to buy a majority stake of Bow Truss Coffee Roasters. Founder Phil Tadros confirmed the news, which was first reported by Crain’s. Neither party disclosed the purchase price.
“We had many interested parties over the years, but this is the first time we felt we had a partner,” Tadros wrote via text message.
Lemonis told Crain’s that he believed in the brand’s potential, and that much of the undisclosed purchase price would go toward retiring debt. It’s unclear what Tadros’ role in the company now is, as Lemonis said he’s bought the “vast majority” of the company, and Tadros declined to specify and only says that he’ll “be helpful as seen fit always.”
Tadros founded the coffee company five years ago in Lakeview, opening a shop on Broadway, a few doors from the office of his web development company, Doejo. Bow Truss’ trajectory seemingly changed over the summer after an unflattering Crain’s story detailed problems with partners and lawsuits. Lately, he’s taken to several writing posts defending his reputation.
Tadros filed a lawsuit in October against former partner Jared Leonard of The Budlong fried chicken restaurants claiming Leonard illegally dissolved their business partnership. The case has a January court date. Leonard, who hasn’t yet been served with the lawsuit, has claimed no wrong doing.
Eleven Bow Truss coffee shops currently exist with another 10 on their way. The brand also provides coffee to many restaurants and other hospitality establishments, including the Virgin Hotels Chicago.
Tadros was quick to praise Lemonis. “When you have someone like [Lemonis] around you it's best for all that he's in charge,” he added. “We had many offers and with Lemonis you get a motivated family of business. I trust him and his team.”