“By selling Milestones to an experienced operator like Foodtastic, the transaction should enable both companies to accelerate growth and better serve their customers,” said Recipe CEO Frank Hennessey. “This transaction enables Recipe to further rationalize our portfolio to focus on large brands that generate significant free cash flow and dominate their segment with younger brands offering attractive opportunities for accelerated new restaurant growth. While it is always difficult to depart with valued franchisees and teammates, we feel Foodtastic is the right parent for Milestones at this stage of its history.”
“We are extremely impressed by the Milestones restaurant brand and are excited to welcome them into the Foodtastic family,” said Peter Mammas, president and CEO of Foodtastic. “We look forward to welcoming all our new franchisees, teammates, and customers. This acquisition is consistent with our strategy of acquiring quality Canadian brands with growth potential, and we are excited to introduce Milestones to the Quebec market.”
Milestones first restaurant on Denman Street in Vancouver in 1989, and now has locations in British Columbia, Alberta, Saskatchewan, New Brunswick and Ontario.