Vivartia Holding S.M.S.A. has announced the signing of a definitive agreement to sell 100% of the shares in Evergood, the Vivartia Group’s foodservice business (including Goody’s Burger House, Everest, Flocafé, La Pasteria and Jackaroo), to Canada’s Recipe Unlimited Corporation.
Recipe is a strategic investor with more than 100 years of experience in the foodservice industry. With 18 foodservice brands across the full-service, limited-service and retail segments, Recipe’s portfolio includes well-known names such as Swiss Chalet, St-Hubert, Montana’s BBQ & Bar, Harvey’s Burgers, New York Fries and The Burger’s Priest.
“Evergood holds a leading position in the Greek market and has an excellent management team with extensive experience, making this partnership an ideal fit to accelerate our international growth,” said Frank Hennessey, chief executive of Recipe Unlimited. “We look forward to working with the company’s management team and using this dynamic platform to create significant growth opportunities in Greece and internationally.”
Completion of the transaction is subject to customary approvals and closing conditions.
Advisers to Vivartia Holding on the transaction: Rothschild & Co acted as financial adviser to Vivartia, Deloitte provided vendor due diligence services, and Bernitsas Law provided legal support to Vivartia.
Advisers to Recipe Unlimited on the transaction: EY-Parthenon Greece provided tax and financial advisory services, Scotiabank (Scotia Capital Inc.) acted as financial adviser, KPMG provided transaction advisory services, and Karatzas & Partners provided legal support.