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Quebec-based food franchising business Foodtastic Inc. announced a deal Monday to buy troubled coffee chain Second Cup Coffee Co. and has big plans for the brand, including opening more than 100 new . . . ....
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Foodtastic is a Montreal-based franchiser of multiple restaurant concepts, including casual restaurant dining chain Nickels – originally created by a group including pop icon Celine Dion. “Second Cup has been a Canadian staple for almost 45 years and we’re excited to welcome them into the Foodtastic family,” Peter Mammas, president and CEO of Foodtastic, said in a statement. “We look forward to working with all our new franchisees and emerging through this pandemic with a revitalized Canadian leader in the premium coffee segment,” he said. “This acquisition is consistent with our strategy of acquiring quality Canadian brands with growth potential.” The Second Cup Ltd. changed its name to Aegis Brands as part of a plan to diversify beyond coffee shops. ....
Aegis Brands selling Second Cup to Foodtastic bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Second Cup has operations teams across Canada and we want to take our other brands out of Quebec and Ontario and into other parts of Canada, so we re going to use that platform to do it, Mammas said in an interview. It gives us more of a national footprint. Mississauga-based Aegis Brands didn t disclose Second Cup s sale price but said it includes $14 million in cash, plus a post-closing earn-out. Mammas said Foodtastic is also taking over a very, very large lease liability. Still, the franchisor of multiple restaurant concepts, including Big Rig Kitchen & Brewery, Chocolato, La Belle & La Boeuf, Rotisseries Benny and Souvlaki Bar, is planning to grow the Second Cup brand. ....