Recipe Unlimited Corp. has signed an agreement to acquire Evergood, a Greece-based food services business operating more than 575 restaurants, as the Canadian restaurant company expands its international presence.
The Vaughan, Ont.-based company said it had entered into a definitive share purchase agreement to acquire all shares of Evergood from Vivartia Holding S.M.S.A. The transaction remains subject to customary regulatory approvals and closing conditions.
Evergood operates five restaurant brands across Greece and regional markets, with a network spanning franchised street-level and shopping mall locations, as well as transportation hubs and passenger travel routes. The acquisition would give Recipe an established operating presence in Greece as it pursues further international expansion.
“Evergood is a market leader with a talented and experienced management team, making this an ideal partnership to drive our international expansion,” said Frank Hennessey, chief executive officer of Recipe Unlimited. “We look forward to collaborating with the leadership team to build on this strong platform to capture compelling growth opportunities across Greece and beyond.”
Evergood operates five restaurant brands
Evergood’s portfolio includes Goody’s Burger House, Everest Cafe, Flocafe Espresso Room, La Pasteria and Jackaroo. Its more than 575 restaurants operate through a combination of franchised street and mall locations and food service operations serving Greece’s travel sector.
The company has a presence at major airport terminals, along motorways and on passenger maritime routes, extending its operations beyond traditional restaurant locations.
Recipe said the agreement would combine its restaurant operating experience with Evergood’s established position in Greece and surrounding regional markets. The company described the transaction as a step in its efforts to expand internationally, although it did not disclose the purchase price, expected closing date or other financial terms in the announcement.
The deal would add a portfolio of five brands and more than 575 restaurants to Recipe’s existing operations, subject to completion of the transaction.
Canadian restaurant operator expands international reach
Recipe Unlimited operates more than 1,100 restaurants across Canada, with an international presence that includes the United States and the Middle East. Its portfolio spans full-service dining, quick-service restaurants and fast-casual concepts.
Canadian brands operated by the company include Swiss Chalet, St-Hubert, Harvey’s, Montana’s BBQ & Bar, Olive Garden Canada, New York Fries, Kelseys Original Roadhouse, East Side Mario’s, Original Joe’s, State & Main, Añejo Restaurant, The Burger’s Priest, The Landing Group, Elephant & Castle, Fresh Kitchen + Juice Bar, The Pickle Barrel, Blanco Cantina and Bier Markt.
Recipe operates through a portfolio of restaurant brands and has established itself as a franchisor in Canada. The proposed acquisition would extend its reach into Greece through an operator with an existing network of restaurants and food service locations.
Evergood is the food services business of Vivartia Holding S.M.S.A., a Greece-based group operating in food manufacturing and food services. Vivartia describes its business as focused on quality, innovation and maintaining market positions across its portfolio.
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