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May 7, 2021

Recipe acquires Crave It’s stake in two omnichannel brands

Canada’s full-service restaurant company Recipe Unlimited has acquired Crave It Restaurant Group's ownership interests in The Burger's Priest and the Fresh Restaurants joint venture (JV).

In 2010, The Burger’s Priest brand was established by Shant Mardirosian, who later entered an operating partnership with Crave It in 2013.

Recipe Unlimited acquired Mardirosian’s ownership interest in The Burger’s Priest in 2017.

Since then, Recipe Unlimited and Crave It has maintained The Burger’s Priest operating and growth partnership together.

Currently, The Burger’s Priest has a presence in 25 corporate locations, including 23 in southern Ontario and two in Edmonton, Alberta, with an additional three locations under development.

Fresh Restaurants was founded in 1999 in Toronto by Ruth Tal, Barry Alper and Jennifer Houston, as an original source for plant-powered food.

In 2018, Fresh Restaurants entered a JV with Crave It and Recipe for Fresh Restaurants new market growth. The founders retained separate ownership of the legacy Fresh Restaurants.

Through this latest deal, Recipe Unlimited will take over Crave It’s ownership interest in the JV that is responsible for the new Fresh Restaurants in Mississauga, Ontario, and under development at Sherway Mall in Etobicoke, Ontario.

In a statement, Recipe Unlimited said: “Both The Burger’s Priest and Fresh Restaurants are dynamic, omnichannel brands that have very loyal customer followings.

“It is excited about the future potential of these dynamic brands and thanks the Crave-It team for their partnership and contribution to the growth of both brands.”

Financial details of the deal have not been divulged.

Recipe Unlimited funded the acquisition through its existing credit facility.

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