Franchisor JR Canada Restaurant Group purchased the rights in 2015. The following year, it set out to raise $5 million from private equity firms to build the first five franchises and ended up with $6.7 million from investors. A fifth location in British Columbia is expected to open later this year.
JR Canada recently received a second private placement offering of $4.2 million, which will go toward building four more franchises in 2019.
“My goal with this second offering is to attract new investor money from those who recognized the value of a strong, iconic brand being developed professionally across Canada,” says Lewis Gelmon, CEO of JR Canada.