Raving Brands Inc. is plotting its international growth with three separate deals to develop 150 restaurants in Canada, Singapore and the Middle East.
Atlanta-based Raving Brands is taking its Moe’s Southwest Grill concept to Canada through a 40-store development agreement with True North Brands Inc. of Toronto. Raving Brands also will open the first of 10 new restaurants to be developed in Singapore. And the company has signed a transaction with the A.A. Turki Corp. for Trading and Contracting (ATCO) to develop and open 115 restaurants in the next five years in eight countries in the Middle East.
Our move outside of America is the first step in a bigger global strategy for Raving Brands to establish those concepts, which we feel will resonate as global brands,” said Stephen M. LaMastra, president and chief operating officer of Raving Brands.
Moe’s Southwest Grill usually sells franchises directly to franchisees. But in Canada, True North Brands will be an area developer responsible for developing and selling the franchise restaurants to unit operators. The company plans to open its first Moe’s restaurant in the Toronto area in spring 2007, with the remaining 39 units to be built in the Province of Ontario over the next several years.
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