Salad Collective, a Colorado-based operator of better-for-your fast casuals MAD Greens and Snappy Salads, announced Monday that it purchased Tokyo Joe's, a fellow in-state concept offering Japanese-Asian fusion.
Details of the transaction weren't disclosed.
“We’ve found a natural connection in terms of brand values, vibrant cultures, customer engagement, and commitment to delicious, approachable, better-for-you foods,” said Salad Collective CEO Darden Coors said in a statement. “This is a fantastic opportunity for us to join forces with a great team and set up all three Collective brands for long-term success.”
Tokyo Joe's was founded by Larry Leith in 1996. The chain, which has grown to 27 restaurants in Colorado and Phoenix, offers build-your-own rice and noodle bowls, sushi, salads, and most recently, poke bowls. In harmony with Salad Collective's mission, the concept's menu is customizable to a variety of dietary restrictions and lifestyle choices, including gluten-free, dairy-free, vegetarian, high-protein, sugar-free, and low fat.
“Aligning with Salad Collective puts our brand in a strong place for our future—Tokyo Joe’s locations are incredible community gathering spots where we’ve created amazing relationships with our guests and employees. I’m 100 percent behind Salad Collective, the synergies between our teams, the values we share and the commitment to our people and our guests all run parallel,” Leith said in a statement. “Bringing these two companies together will make them each even stronger, leveraging best practices, resources and teams of great people.”
The restaurant group dates back to 2013 when AC Restaurant Group, operated by Coors, acquired MAD Greens in 2013. Six years later, MAD Greens and Snappy Salads merged to form Salad Collective. The former has 25 restaurants in Colorado, Arizona, and Texas, while the latter oversees 13 locations in the Dallas-Forth Worth market. All 65 locations across the three concepts are company-owned.
This year has proven to be quieter in the M&A segment compared to 2021, which saw FAT Brands spend close to $900 million and Burger King parent Restaurant Brands International acquire Firehouse Subs for $1 billion. Other notable transactions this year include 16 Handles being purchased by franchisee Neil Hershman and social media star Danny Duncan, QDOBA being acquired by the parent of Modern Market Eatery, and FAT Brands buying Nestlé Toll House Café.