CEO Mike Roper says he is looking for other, similar, companies to acquire
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Fast-casual health-oriented chain Muscle Maker Grill has continued its expansion into the prepared-meal market with the acquisition by its parent company, Muscle Maker Inc., of Superfit Foods LLC., the restaurant chain said Tuesday.
In a filing with the Securities & Exchange Commission, Muscle Maker Inc. said it paid $500,000 for Superfit, and would pay an additional $25,000 in stock within 60 days, provided certain conditions are satisfied.
Superfit Foods is a subscription-based meal service that operates in northern Florida, mostly in and around Jacksonville. It prepared more than 220,000 meals in 2020 out of its central kitchen. Customers can have their meals delivered to them twice a week or they can pick them up from coolers at one of 28 partner gyms and wellness centers. Superfit partners with local gym owners, personal trainers and wellness centers to promote the brand through social media campaigns and sampling events. There are more than 150 meal options to suit different dietary needs and interests, including Paleo and vegetarian plans and meals intended for weight loss or building muscle.
The chain of 30 restaurants, founded in Colonia, N.J., but now based in League City, Texas, went public last year.
This latest acquisition comes on the heels of Muscle Maker’s purchase in November of Happy Meal Prep to begin shipping better-for-you meals to customers in the Northeast.
CEO Mike Roper said in a statement that he expects many Americans to try to eat more healthfully as the country recovers from the pandemic.
“Let’s face it, most of us have been stagnant during COVID restrictions and likely gained a little weight or feel sluggish because we are out of our exercise routines,” he said. “We believe, as the country continues to re-open for business, many people will begin to re-visit gyms and concentrate on eating healthier. What better way to supplement your exercise routine than to combine it with a healthy fully prepared meal that you can pick up right from a cooler in your gym or wellness center? Superfit Foods grew during the COVID pandemic and continues to grow today. The Superfit Foods acquisition fully supports our non-traditional approach to getting ‘healthier for you’ food in people’s stomachs through non-traditional venues and methods such as ghost kitchens, military bases and college campuses. Today’s digitally driven environment continues to grow exponentially.”
He added that the purchase of Superfit Foods would add to Muscle Maker’s top line, and that he was looking for other meal-prep companies to purchase.
Contact Bret Thorn at [email protected]
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