Famous Brands has acquired the franchise agreements‚ trademarks and intellectual property of the Europa and Fego Caffé brands from family-owned business‚ Antimo Foods‚ the company said today, 26 November 2012.
The Europa and Fego Caffé network currently comprises 31 and 27 restaurants respectively.
The effective date of the transaction is 1 December 2012. The acquisition consideration is not material‚ and will be funded via short-term debt repayable over two years.
"This acquisition of Europa and Fego Caffé fits well with our strategy to acquire best-in-class brands which fill gaps in the Group´s repertoire and serve to establish a presence in market segments where we currently have limited‚ or no representation‚" said Famous Brands CEO Kevin Hedderwick.
"We have previously advised the market that a key priority for Famous Brands will be to enter the family casual dining sector‚ and are therefore delighted to have acquired the pedigreed Europa business‚ which enjoys a well-entrenched reputation in this space‚" he added.
He said the group planned to grow these brands nationally - their current presence is fairly limited and confined to certain geographical regions‚ which offers significant upside to expand the footprint nationwide.
"Over the forthcoming five-year period‚ we envisage growing the network to a national footprint comprising of 50 restaurants each‚" he said.
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