Canada-based multiple restaurant concept franchisor Foodtastic has completed the acquisition of dessert chain Chocolato for an undisclosed value.
Established in 2015, the chocolate and ice cream bar chain currently operates more than 20 locations across the country offering 20 varieties of chocolate dipping to its customers.
Foodtastic president and CEO Peter Mammas said: “Chocolato is an amazing brand and we are excited to welcome Chocolato into the Foodtastic family.
“We look forward to preserving Chocolato’s strong brand, while growing the system across the province, in Ontario and next year in the United States. We are already looking at locations in Toronto, Ottawa and Florida.
“We are also very excited about the retail opportunities that this acquisition presents us. This acquisition of a homegrown Quebec business is consistent with our strategy of acquiring quality local brands with growth potential.”
As part of the transaction, Foodtastic will retain Chocolato founder Guyaume Arsenault to operate the business.
In addition, the deal allows Arsenault to increase his equity interest in Chocolato.
Arsenault said: “Foodtastic is an amazing company and I’m thrilled to continue to be a part of Chocolato’s exciting future. I look forward to using the strength of Foodtastic to expand our operations throughout Canada and the United States.”
The Canadian chain currently operates 75 restaurants under various brands including Au Coq, La Belle et La Boeuf, Monza, Carlos & Pepe’s, Souvlaki Bar, Nickels, Big Rig, Chocolato, and Bacaro.
In June this year, the Canadian franchisor acquired Big Rig Restaurants and Brewery in Ottawa for an undisclosed amount.