MTY Food Group Inc. is acquiring the assets of the Grabbagreen franchise system, the company announced February 20, for an estimated consideration of $2.75 million.
There are currently 27 Grabbagreen restaurants, 26 of which are franchised.
“Grabbagreen is a young and trendy brand with solid growth potential," Jeff Smit, COO of MTY's U.S. operations, said in a statement. "We are extremely happy to add this concept to our portfolio."
MTY Food Group is a restaurant franchisor based in Canada. The company’s portfolio includes Blimpie, Cold Stone Creamery, Built Custom Burgers, The Counter, Tasti D Lite, Planet Smoothie, Pinkberry, among others.
The company said it expects the transactions to close within 45 days but “remains subject to multiple conditions customary for a transaction of this nature. There is no assurance the transaction will be completed as described above, or at all, or that the anticipated closing date will materialize.”
MTY Food Group also said it would consolidated the corporate operations and run the franchising platform from its U.S. headquarters in Scottsdale, Arizona.
Keely Newman and Kelley Bird, who were inspired to provide healthier options for their kids, founded Grabbagreen in 2013. The fast casual started franchising in 2015 and has averaged about two new locations per month. A member of QSR’s 40/40 List, Grabbagreen said it has dozens of development deals in place. The brand’s menu is designed around superfoods and unprocessed ingredients without preservatives, GMOs, or hormones. Bowls, salads, juices, smoothies, and more make up the menu.
Most recently, Grabbagreen opened its fifth California location in early February in Encinitas. There are restaurants in Arizona, California, Colorado, Idaho, Maryland, Minnesota, North Carolina, Tennessee, and Texas.
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