Cruzani has completed the acquisition of restaurant chain Recipe Food Co. of Toronto through a definitive asset purchase agreement.
As part of the agreement, Recipe Food will now operate as a majority-owned subsidiary of Cruzani and be led by its founder Dee Gibson. The deal will provide a stronger basis for the company’s growth and innovation.
Formerly known as US Highland, it was rebranded as Cruzani as of 2 October, after receiving approval from the Financial Industry Regulatory Authority (FINRA).
Cruzani chief executive officer Everett Dickson said: “Cruzani shareholders have three reasons to be delighted with this development. The first is that Dee Gibson is a respected entrepreneur in the foodservice sector, with a reputation for high-quality and creative execution.
“It is an honour for Cruzani that Dee Gibson has chosen to join forces with us. The second reason for shareholder satisfaction is that we believe the combination of our efforts will accelerate implementation of our ambitions in the quick-service restaurant field.
“The third reason is that FINRA’s approval for our trading symbol to become CZNI affords consistent implementation of our publicly declared plans for corporate branding. The Cruzani corporate brand will be a source of pride for stakeholders and associates alike.”
Cruzani builds and acquires franchise concepts and other food-related businesses across the US and globally.
In March, the company also acquired a new restaurant concept in the Atlanta area that offers flatbread sandwiches, bowls, wraps, salads, and fresh proteins such as chicken, turkey, steak and falafel.