Vivartia Holding S.M.S.A. has signed a final agreement with Canada’s Recipe Unlimited Corporation for the sale of 100% of the shares of Evergood, the group’s food service division, which includes Goody’s and Everest. The completion of the transaction remains subject to the usual approvals and closing conditions, while the announcement does not disclose the price.
Recipe is a strategic investor with more than 100 years of experience in the food service industry, and it links the acquisition to its plans for international growth.
“Evergood holds a leading position in the Greek market and has an excellent, highly experienced management team, which makes this partnership ideal for accelerating our international growth,” said Frank Hennessey, CEO of Recipe Unlimited. “We look forward to working with the company’s management team, using this strong platform to create significant growth opportunities in Greece and internationally.”
A Network of More Than 1,100 Restaurants
Recipe operates more than 1,100 restaurants in Canada and has a presence in the United States and the Middle East. Its portfolio includes 18 brands, with operations in full-service and limited-service dining as well as retail. Among them are well-known brands such as Swiss Chalet, St-Hubert, Montana’s BBQ & Bar, Harvey’s Burgers, New York Fries and The Burger’s Priest.
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The Advisors on the Deal
For Vivartia, Rothschild & Co served as financial advisor, Deloitte provided vendor due diligence services and Bernitsas Law provided legal support.
On Recipe’s side, EY-Parthenon Greece provided tax and financial advisory services, Scotiabank (Scotia Capital Inc.) acted as financial advisor, KPMG provided transaction advisory services and Karatzas & Partners provided legal support.