Foodtastic has agreed to buy restaurant chain Freshii (FRII) for $74.4 million.
Montreal-based restaurant franchisor Foodtastic owns other brands such as Second Cup, Pita Pit and Milestones.
The deal will see Foodtastic pay $2.30 per share for Freshii, representing a total payment of $74.4 million.
In a written statement, Freshii said that the acquisition by Foodtastic will provide it with additional opportunities to grow its burgeoning consumer packaged goods business.
Prior to the acquisition being announced, Freshii stock had been down 52% in 2022 and trading at $0.95 a share.
