Vaughan, Ont. – Recipe Unlimited Corporation announced it will sell the assets of its Milestones restaurant brand to Quebec-based Foodtastic Inc.
“By selling Milestones to an experienced operator like Foodtastic, the transaction should enable both companies to accelerate growth and better serve their customers,” said Recipe chief executive officer Frank Hennessey.
Peter Mammas, president and chief executive officer of Foodtastic, said, “We look forward to welcoming all our new franchisees, teammates and customers. This acquisition is consistent with our strategy of acquiring quality Canadian brands with growth potential, and we are excited to introduce Milestones to the Quebec market.”
The transaction is subject to customary closing conditions and consents and is expected to close within 60 days.
Founded in 1883, Recipe Unlimited Corporation franchises and/or operates Swiss Chalet, Harvey’s, St-Hubert, The Keg, Montana’s, Kelsey’s, East Side Mario’s, New York Fries, Prime Pubs, Bier Markt, Landing, Original Joe’s, State & Main, Elephant & Castle, The Burger’s Priest, The Pickle Barrel, Marigolds & Onions, 1909 Taverne Moderne, Fresh and Ultimate Kitchens.
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