Recipe Unlimited signs deal to sell Milestones chain to Foodtastic

VAUGHAN, Ont. — Recipe Unlimited Corp. says it has signed a deal to sell its Milestones chain of restaurants to Quebec-based Foodtastic Inc.

Financial terms of the deal were not immediately available.

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Recipe chief executive Frank Hennessey says the deal helps the company further rationalize its portfolio to focus on large brands.

The company's banners include Swiss Chalet, Harvey's, St-Hubert, the Keg, Montana's, Kelsey's, East Side Mario's and New York Fries.

Foodtastic, a franchisor of multiple restaurant brands, bought the Second Cup Coffee Co. chain from Aegis Brands Inc. earlier this year.

Some of its other restaurant brands include Au Coq, La Belle et La Boeuf, Monza, Carlos & Pepe's, Souvlaki Bar and Nickels.

This report by The Canadian Press was first published June 14, 2021.

Companies in this story: (TSX:RECP)

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