MONTREAL, Feb. 22, 2023 /CNW/ - Foodtastic Inc. ("Foodtastic") today announced the completion of the previously announced plan of arrangement with Freshii Inc. ("Freshii) in accordance with the Business Corporations Act (Ontario), pursuant to which Foodtastic acquired all of the issued and outstanding Class A subordinate voting shares and Class B multiple voting shares in the capital of Freshii at a price of $2.30 in cash per share (the "Arrangement").
As a result of the Arrangement, Freshii has become a wholly-owned subsidiary of Foodtastic.
Foodtastic is a leading franchisor of restaurant brands in Canada. Including the recently closed acquisitions of Quesada and Freshii, Foodtastic's North American system exceeds 1,250 restaurants and $950 million in sales. Foodtastic is rapidly growing internationally, with over 100 restaurants outside of North America.
In addition to Quesada and Freshii, Foodtastic's brands include Second Cup, Pita Pit, Milestones, Fionn MacCool's, Shoeless Joe's, Rôtisseries Benny, La Belle et La bœuf, and Monza.
Since 2005, Freshii has established a healthy food focused franchised restaurant concept which currently operates 343 locations in North America and internationally. All but one of Freshii's stores are franchised. In recent years, the Company has further expanded their omni-channel footprint in the adjacent health and wellness business lines, including in consumer-packaged goods, nutritional supplements, and ecommerce retail, following the acquisition of a majority interest in a leading Canadian online health and wellness product retailer, Natura Market. Freshii's consumer-packaged goods retail partners include, among others, Walmart Canada, Shell Gas and Convenience Stations, ONroute, and Air Canada. Further information is available at www.freshii.com.
SOURCE Foodtastic
Foodtastic, Peter Mammas, President & CEO, Tel: 514.691.5050, 9300 Route Trans-Canada, Suite 310, Saint-Laurent, H4S 1K5 QC
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