Freshii

Food

New ovens elevate Freshii's menu and lift sales

Behind the Menu: The fast casual can now roast proteins and vegetables instead of steaming them, intensifying the flavors in bowls, salads and wraps.

Financing

Freshii completes its sale to Foodtastic

Shareholders for the struggling healthy fast-casual restaurant chain agreed to the deal, which is valued at $54.5 million.

The healthy fast-casual franchise has agreed to be sold to a growing Canadian restaurant operator for $54 million.

The Bottom Line: Investment bankers initially pushed the healthy fast-casual franchise as a $1 billion brand. It never came close to that. And then the pandemic hit.

But Canadian office traffic was still down 60% in third quarter on average, and the tailwind will more likely be felt next year.

The health-focused chain’s founder, Matthew Corrin, becomes executive chairman, while Victor Diab joins the Toronto-based brand as CFO.

The Canadian fast casual’s same-store sales remain down more than 20% over pre-pandemic levels during the third quarter.

Acquiring Canada-based Natura Market will help the fast casual position itself as an “omnichannel” company, it said.

The fast-casual chain’s sales remain down nearly 30% compared to pre-pandemic levels, so it is on the hunt for creative growth solutions.