Canadian restaurant brands franchisor Foodtastic has announced an agreement to acquire quick service restaurant (QSR) brand Noodlebox.
The companies have not disclosed the financial details of the transaction.
Established in Victoria, British Columbia, Canada, in 2001, Noodlebox specialises in wok-fired Asian street food.
The QSR brand owns and operates more than 40 locations and is focusing on rapid expansion across Canada.
Noodlebox CEO Dustin May stated: “It is with great pleasure that I announce the sale of Noodlebox to Foodtastic. We believe that Foodtastic is the perfect home for Noodlebox, and that together we will continue to uphold the values and quality that Noodlebox is known for.
“Noodlebox has thrived with 46 locations now open and a further 50 in the development pipeline, and we believe that Foodtastic and our Noodlebox leadership team will create a bright future for our dedicated franchisees, team members and loyal guests.”
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The acquisition of Noodlebox is expected to support Foodtastic’s strategy to continue expanding its presence in the country, specifically in the QSR segment.
Other major restaurant brands in Foodtastic’s portfolio are Second Cup, Benny, Pita Pit, Shoeless Joe’s, Milestones, La Belle et La Boeuf and Fionn McCool’s.
Foodtastic anticipates $1bn of North American system sales from a network of more than 1,200 new and existing stores, including Noodlebox.
Foodtastic president and CEO Peter Mammas stated: “We are delighted to welcome Noodlebox into the Foodtastic family.
“Noodlebox’s reputation as a top-tier quick service restaurant brand aligns perfectly with our commitment to providing exceptional dining experiences to our customers. We look forward to working closely with all our new franchisees and driving the growth of the Noodlebox brand across Canada.”
Noodlebox specialises in serving wok-fired Asian street food and currently owns and operates more than 40 locations across Canada.