Well-known restaurant chains such as Goody’s Burger House, Everest, Flocafé, La Pasteria and Jackaroo are entering a new era, following the agreement for the acquisition of Evergood by Canada’s Recipe Unlimited Corporation.
According to Greece’s SKAI, Vivartia Holding announced on Wednesday that it had signed a definitive agreement for the sale of all shares in Evergood, which includes the Greek group’s food-service division.
The deal is a significant development for the Greek food-service market, as once the transaction is completed, well-known brands will be under the control of one of Canada’s largest groups in the sector.
Who is the Canadian group acquiring Evergood?
Recipe Unlimited Corporation has been active in the food-service industry for more than a century and has an extensive portfolio of 18 brands across various restaurant and service categories.
Among the chains included in its portfolio are Swiss Chalet, St-Hubert, Montana’s BBQ & Bar, Harvey’s Burgers, New York Fries and The Burger’s Priest.
Evergood’s entry into the Canadian group creates, according to Recipe’s management, prospects for further growth both in the Greek market and abroad.
Recipe Unlimited’s chief executive, Frank Hennessey, described Evergood as a company with a strong presence in Greece and an experienced management team, expressing the view that the partnership will help accelerate the group’s international expansion.
At the same time, he expressed the Canadian company’s intention to build on Evergood’s existing business structure by investing in the growth potential of its brands.
Approvals still required to complete the deal
Although the definitive agreement between the two parties has already been signed, the transfer of shares has not yet been completed, as the required approvals must be obtained and the usual conditions accompanying transactions of this kind must be fulfilled.
Major international financial and legal firms took part in the process. On Vivartia’s side, Rothschild & Co acted as financial adviser, Deloitte provided financial and business due-diligence services, while Bernitsas Law was responsible for legal support.
Similarly, on behalf of Recipe Unlimited, advisory services were provided by EY-Parthenon Greece, Scotiabank, KPMG and the law firm Karatzas & Partners.
So far, the announcement does not specify the financial consideration for the acquisition, nor does it give a specific timetable for completing the share transfer.
