The Second Cup, a Canadian specialty coffee company, has announced the acquisition of 17 Second Cup cafés located in prime Toronto area locations.

All the 17 cafes are currently owned by long-standing franchisees, Debbie and Bob Riche , who will be joining the Second Cup team as Director of Operations, Corporate Cafés and General Manager, Corporate Cafés, respectively.

The cafes will remain open and employment offers are being made to all staff members, The Second Cup said.

The Second Cup president and CEO Alix Box said: "This acquisition allows Second Cup to revitalize these prime locations, and benefit from Debbie and Bob Riche’s invaluable expertise.

"Debbie and Bob will significantly enhance our ability to successfully operate company-owned cafés. While we remain committed to our franchising strategy, we will own some cafés, which we intend to operate to our highest standards of excellence," Box added.

The recently acquired Second Cup cafés will allow for an accelerated roll-out of the new concept. Ultimately, the intent is to revitalize and refranchise most of the acquired 17 cafés.

"The combination of financial resources from Second Cup and management talent from the Riches provides a value creation opportunity for Second Cup," added Box

"This transaction is expected to be accretive to earnings in 2015. It’s all a part of the revolution that’s taking place at Second Cup."

Founded in 1975, The Second Cup operates approximately 350 cafés across the country.