MONTREAL — Foodtastic Inc. has acquired leading Quebec dessert chain, Chocolato, Chocolate and Ice Cream Bar.
Founded in Quebec City in 2015, Chocolato is one of the fastest-growing concepts in Quebec, opening more than 20 locations in the last three years.
“Chocolato is an amazing brand and we’re excited to welcome it into the Foodtastic family,” says Peter Mammas, president and CEO of Foodtastic. “We look forward to preserving Chocolato’s strong brand, while growing the system across the province, in Ontario and, next year, in the U.S. We’re already looking at locations in Toronto, Ottawa and Florida. This acquisition of a homegrown Quebec business is consistent with our strategy of acquiring quality local brands with growth potential.”
Founder Guyaume Arseneault will continue managing Chocolato. In addition, as part of the transaction, Arsenault will increase his equity stake in the brand.
“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 U.S.,” says Arsenault.
Foodtastic currently has more than 75 restaurants and $135 million in system sales. It’s brands include Au Coq, La Belle et La Boeuf, Monza, Carlos & Pepe’s, Souvlaki Bar, Nickels, Big Rig, Chocolato and Bacaro.