VAUGHAN, Ont. — Recipe Unlimited Corporation, Canada’s largest full-service restaurant company, is selling its Milestones restaurant brand to Quebec-based Foodtastic Inc., a leading restaurant franchisor.
“By selling Milestones to an experienced operator like Foodtastic, the transaction should enable both companies to accelerate growth and better serve their customers,” says Frank Hennessey, Recipe’s Chief Executive Officer. “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. While it is always difficult to depart with valued franchisees and teammates, we feel Foodtastic is the right parent for Milestones at this stage of its history.”
“We are extremely impressed by the Milestones restaurant brand and are excited to welcome them into the Foodtastic family,” says Peter Mammas, president and CEO of Foodtastic. “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.”