Milestones has been sold to a Quebec-based company.
Today (June 14), Recipe Unlimited Corp. said it had inked a deal with Foodtastic Inc. to sell its Milestones chain, which includes the franchised eatery at 2745 Barnet Hwy. in Coquitlam.
Foodtastic is the franchisor of many restaurants including Second Cup, Au Coq and La Belle et La Boeuf, with more than $390 million in annual sales.
"We are extremely impressed by the Milestones restaurant brand and are excited to welcome them into the Foodtastic family," said Peter Mammas, president and CEO of Foodtastic, in a news release.
"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."
Recipe CEO Frank Hennessy said the agreement is good for both companies.
Recipe was founded in 1883 and is the country’s largest full-service restaurant company, with Swiss Chalet, Harvey’s, The Keg, Montana’s, Original Joe’s, New York Fries and others to its name.
"This transaction enables Recipe to further rationalize our portfolio to focus on large brands that generate significant free cash flow and dominate their segment with younger brands that offer attractive opportunities for accelerated new restaurant growth,” he said.
“While it is always difficult to depart with valued franchisees and teammates, we feel that Foodtastic is the right parent for Milestones at this stage of its history."
A spokesperson for Recipe told the Tri-City News on June 17 that Foodtastic "is excited about adding Milestones to its portfolio and see it as an important brand for growth."
"It should be business as usual for the franchisees and teammates," wrote Julie Denton in an email.
