The Copper Branch brand, whose finances was marked in red pencil in 2020, has learned in the Foodtastic fold, Newspaper.
Last year, the Montreal botanical chain of restaurants, which opened in 2014, filed for bankruptcy and insolvency. This file is managed by the trustee BLT Lapointe & Associés.
On Wednesday, Foodtastic became the owner of the sign, which today owns 55 franchise restaurants in Canada, the United States and Europe. The group, as per the new management, employs 500 workers.
In three years, Foodtastic, which has increased the number of restaurant transactions in recent years, hopes to double the size of Canada’s copper branch. There are 43 restaurants, including 16 in Quebec.
“Yes, we will be obese.” President and CEO Peter Mamas said, “We will use our Second Cup platform to achieve this,” preferring not to disclose the amount of this acquisition.
“We want to double the number of our branches across the country in the next 36 months,” the businessman continued. He hopes to achieve this expansion with the help of franchisees and also by opening corporate counters.
As for the POS in the US and Europe, there are about ten, and Mr. Mamas says he wants to analyze these markets. The copper branch opened its first branch in France in 2019.
“We are already starting to talk to some of the franchisees. In Nashville, he wants to open two more branches,” Mamas said.
Partially explaining the chain’s financial difficulties, LaBrice wrote last fall that Cooper Branch, brought into the world by businessman Ryo Infantino, was the victim of a nearly million dollar fraud by a former employee. It was also alleged that one of the lenders confiscated the company’s bank account.
Mr. Mamas told the newspaper on Wednesday that Rio Infantino will no longer participate in the organization. However, the CEO of the copper business, Trish Patterson, would remain in his position.
“This relationship will allow us to work in a faster and more efficient way to bring our Copper Branch Signage to new global clients while improving the operational efficiencies and resources of our franchisees,” Ms. Patterson said.
In February, it should be remembered that Foodtastic swallowed nearly all of the Second Cup assets from Aegis Brands in Ontario. The deal involved nearly 190 branches across the country. Management hopes to complete other large transactions by the end of the year.
Foodtastic currently owns Au Coq, Rôtisseries Benny, La Belle et La Bœuf, L’Gros Luxe, Chocolato, La Chambre, Monza, Carlos & Pepe, Souvlaki Bar and Nickels signs. The group has more than 370 restaurants.