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Foodtastic Purchases Chocolato
Foodtastic Inc. is pleased to announce that it has acquired Chocolato, Chocolate and Ice Cream Bar, a leading dessert chain in the province of Québec. Founded in Québec City in 2015, Chocolato has been a Québec favorite for great ice cream featuring 20 different rich and unique chocolate dippings.
Chocolato is one of the fastest growing concepts in Québec, opening over 20 locations in the last 3 years.
Peter Mammas, President and Chief Executive Officer of Foodtastic, said, "Chocolato is an amazing brand and we are excited to welcome Chocolato into the Foodtastic family. We look forward to preserving Chocolato's strong brand, while growing the system across the province, in Ontario and next year in the United States. We are already looking at locations in Toronto, Ottawa and Florida. We are also very excited about the retail opportunities that this acquisition presents usThis acquisition of a homegrown Quebec business is consistent with our strategy of acquiring quality local brands with growth potential."
Guyaume Arseneault, the founder of Chocolato, will continue managing Chacolato. In addition, as part of the transaction, Arsenault will increase his equity stake in Chocolato. Mr. Arsenault commented, "Foodtastic is an amazing company and I'm thrilled to continue to be a part of Chocolato's exciting future. I look forward to using the strength of Foodtastic to expand our operations throughout Canada and the United States."
Foodtastic is a leader in the Canadian restaurant franchising industry with over 75 restaurants and $135 million in system sales. Foodtastic's brands include Au Coq, La Belle et La Boeuf, Monza, Carlos & Pepe's, Souvlaki Bar, Nickels, Big Rig, Chocolato, and Bacaro.
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