MONTREAL, Dec. 15, 2022 /CNW Telbec/ - Today, Foodtastic Inc., a leading franchisor of restaurant brands in Canada, is pleased to announce it has closed a $175 million revolving debt facility to fund acquisitions.
The lending group is led by National Bank of Canada and also includes Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank, Canadian Western Bank and the Business Development Bank of Canada. Commitments were oversubscribed and Foodtastic expects to expand the facility to support further growth.
This new debt is in addition to the existing equity investment of Restaurant Royalty Partners, a joint venture of Oaktree Capital Management, L.P. and JHR Capital LLC.
Peter Mammas, President and Chief Executive Officer of Foodtastic, said, "Our new debt facility will allow more leading restaurant brands to find a home in the Foodtastic portfolio. Our access to capital, brand management track record and reputation for an efficient transaction process continue to make us a buyer of choice in North America."
North American brands interested in exploring a transaction with Foodtastic are encouraged to contact Peter Mammas directly.
Foodtastic is a leading franchisor of restaurant brands in Canada. Including the recently announced acquisition of Quesada, Foodtastic's Canadian system exceeds 900 restaurants and $830 million in sales. Foodtastic is rapidly growing internationally, with over 100 restaurants outside of Canada.
Foodtastic's brands include Second Cup, Pita Pit, Milestones, Fionn MacCool's, Shoeless Joe's, Au Coq, La Belle et La Boeuf, and Monza.
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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