Arby’s Restaurant Group, Inc., parent company of the franchisor of the Arby’s brand, announced a new development agreement with Parikh Network, LLC, a new franchisee to the Arby’s brand, to open 50 new restaurants over the next eight years.
As part of the transaction, Parikh Network also purchased 18 ARG-owned Arby’s restaurants in the Baltimore, Maryland, and Harrisburg, Pennsylvania, markets from which to grow their Arby’s business.
Parikh Network is led by brothers, Ashish Parikh, CEO, and Amish Parikh, president, who began in the franchise business in 2006 and grew their portfolio to include more than 100 restaurants operating under another quick service restaurant brand name.
“We are thrilled to welcome Parikh Network into the Arby’s family,” says Paul Brown, chief executive officer, Arby’s Restaurant Group, Inc. “Their track record of operational excellence, including a focus on guest service, and their proven ability to grow their business through new restaurant development year after year has been incredibly impressive.”
“There has never been a better time to join the Arby’s brand,” says Ashish Parikh, CEO, Parikh Network, LLC. “With the significant business momentum and continued industry outperformance, the future is very bright for Arby’s. Our family business is eager to grow by building new restaurants in the Arby’s system.”
Arby’s remains on track with its goal to surpass $4 billion in total system-wide same-store sales (SSS) by the end of 2018. The brand has achieved 24 consecutive quarters of SSS growth and 15 consecutive quarters of industry outperformance.