Foodtastic To Acquire Freshii for $54M

Montreal, Canada-based restaurant franchisor Foodtastic continues to stack its portfolio, this time with plans to acquire the better-for-you, fast-casual concept Freshii.

Foodtastic announced it agreed to purchase the 343-unit Canadian concept for approximately $54.5 million. Founded in 2005, Freshii has stores primarily in Canada, with additional locations in the U.S. and internationally. All but one are franchised.

Freshii CEO Daniel Haroun says the brand will benefit from Foodtastic’s greater scale, improving its potential for growth and improving franchisee profitability.

“We have been watching Freshii for some time. It is a great fit for us and helps Foodtastic expand into a new category,” says Peter Mammas, president and CEO of Foodtastic, in a press release.

The acquisition marks Foodtastic’s second this month, following the purchase of over 175-unit Quesada Burritos and Tacos on Dec. 2. The company also acquired sports-themed chain Shoeless Joe’s Sports Grill earlier this year. Its portfolio, spanning over 1,200 locations, also includes Second Cup, Pita Pit, Milestones, Fionn MacCool’s, Au Coq, La Belle et La Boeuf and Monza.