Foodtastic Inc has acquired Enoteca Monza Pizzeria Restaurants, a full-service Italian restaurant brand operating in the Montréal area.
No financial terms were disclosed.
Foodtastic, a Montréal-based franchisor of restaurant concepts, said the deal is in line with a strategy of acquiring brands with growth potential that complement its existing portfolio.
Monza is Foodtastic’s first acquisition since it secured a $47 million investment from Restaurant Royalty Partners, a joint venture of Oaktree Capital Management and JHR Capital.
The investment, announced earlier this week, will back the company’s organic and acquisition-led growth.
Foodtastic Purchases Enoteca Monza Pizzeria Restaurants
MONTREAL, Nov. 22, 2018 /CNW Telbec/ – Foodtastic Inc. is pleased to announce that it has acquired Enoteca Monza Pizzeria Restaurants (“Monza”) (www.restaurantmonza.com). Monza is a growing full service Italian restaurant concept in the Montreal area with a state-of-the-art food commissary.
Peter Mammas, President and Chief Executive Officer of Foodtastic, said, “We are excited to add Monza to our portfolio of leading restaurants. This acquisition of a homegrown Quebec business is consistent with our strategy of acquiring brands with growth potential that complement our existing brand portfolio. We expect to grow the Monza brand immediately with four new locations in the Montreal area expected in 2019, and locations in Quebec City and the Outaouais region slated for 2020. We believe the Monza acquisition will leverage our marketing, purchasing and operational systems to better serve our existing franchisees.”
Michael Gutfeld, Co-Founder of Foursome Restaurant Group (parent company of Enoteca Monza Pizzeria Moderna), said, “We’ve had a great run and an incredible experience building our restaurants and commissary over the last 9 years. We’re extremely proud of the brand we built and the void we filled in the upscale casual Italian food market. We are thankful for what became a loyal clientele following, and we trust Foodtastic will apply their industry knowledge and expertise to this great brand, and take it to the next level of growth and expansion.”
Monza is the first of several expected acquisitions financed by a recently announced $47 million investment in Foodtastic.
Foodtastic is a Quebec-based franchisor of multiple restaurant concepts including, La Belle et La Boeuf, Carlos & Pepe’s, Souvlaki Bar, Nickels, and Bacaro. Foodtastic is a leader in the restaurant franchising business in Quebec with over 48 restaurants and $110 million in annualised sales.
For further information: Peter Mammas, President & CEO – Foodtastic, Tel: 514.691.5050