VAUGHAN, Ont. —On May 6, 2021, Recipe Unlimited Corporation (Recipe) completed the acquisition of Crave It Restaurant Group’s (Crave It) ownership interest in both The Burger’s Priest and the ‘Fresh – Crave It – Recipe’ joint venture for new market growth of Fresh Plant Powered (Fresh Restaurants).
In 2010, The Burger’s Priest brand was founded by Shant Mardirosian. In 2013, Crave It, an early-stage incubator of brands founded by Alex Rechichi, Mark Rechichi and Sean Black, entered into an operating partnership with The Burger’s Priest founder. In 2017, Recipe acquired Mardirosian’s ownership interest in The Burger’s Priest and maintained The Burger’s Priest operating and growth partnership with Crave It. Since then, The Burger’s Priest has grown to 25 corporate locations including 23 in Southern Ontario and two in Edmonton, with an additional three locations under development.
Since it began in 1999, Fresh Restaurants has been Toronto’s original source for modern, delicious, plant-powered food. In 2018, the restaurant’s founders Ruth Tal, Barry Alper and Jennifer Houston, entered into a joint venture with Crave It and Recipe for Fresh Restaurants new market growth while the founders maintained their separate ownership of the legacy Fresh Restaurants. Today, Recipe is purchasing Crave It’s ownership interest in the joint venture that is responsible for the new Fresh Restaurants locations in Mississauga, Ont. and under development at Sherway Mall in Etobicoke, Ont.
Both The Burger’s Priest and Fresh Restaurants are dynamic omni-channel brands that have very loyal customer followings. Recipe is excited about the future potential of these dynamic brands and thanks the Crave-It team for their partnership and contribution to the growth of both brands.
Recipe is acquiring Crave It’s ownership interest in The Burger’s Priest and Fresh Restaurants for cash consideration, funded through its existing credit facility.