CALGARY — FranWorks Franchise Corp., the group behind three popular restaurant chains, secured a new cash infusion from Vancouver-based Benev Capital Inc. (BCI), which will help speed up its expansion plans, according to the Calgary Herald.
“The royalty acquisition from FranWorks is a platform transaction for BCI and the first step in our strategy to purchase top-line royalty streams from a number of growing multi-location businesses and franchisors,” Sean Morrison, president and chief executive of BCI, is quoted as saying by the Calgary Herald. “FranWorks is a fast-growing chain with strong unit-level economics and a superb management team — key success factors for a top-line royalty acquisition.”
Calgary-based FranWorks owns and operates restaurant brands Original Joe’s, State & Main and Elephant & Castle Pubs. The transaction will reportedly enable FranWorks to open 16 new locations in the next 18 months and renovate nine Elephant & Castle locations.
Original Joe’s has 62 locations in B.C. Alberta, Saskatchewan and Manitoba; State & Main has 10 locations in Alberta, Saskatchewan, Manitoba and Ontario; Elephant & Castle has 14 locations in Canada and nine in the U.S. The reported goal is to grow the number of locations to almost 200 within the next five years. [Calgary Herald]