Gateway Partners, a Dubai-based private equity firm, agreed to acquire a 40% stake in Gulf franchise of Tim Hortons, a coffee and breakfast chain, from Apparel Group, a fashion retailer, for $50m. Apparel's chairman Nilesh Ved confirmed Gateway's investment, which he said would be used to grow the business, but declined to discuss the value or size of the deal. "We are going to take it to Egypt and India and expand in the Gulf," Nilesh Ved, Apparel Chairman.