Plantx Life (VEGA.C) picked up Score Enterprises, a privately held B.C.-based company in the cafe, restaurant, food truck business, today, for $1.35 million in mixed cash and shares today, according to a press release.
Score operates the Squamish-based Cloudburst Cafe, Locavore Food Truck and Locavore Bar & Grill, and the restaurant location will be reimagined as the Plantx Canadian flagship brick and mortar shop.
“We are following in the footsteps of Apple, Microsoft and Tesla who believe that education fuels growth. We look forward to expanding the concept across North America through franchising and hope others will join us in the plant-based movement,” said Sean Dollinger, Plantx’s founder.
The Locavore Bar & Grill is 15,000 square feet and will keep its management staff after the redesign. The Cloudburst Cafe will become the Plantx Cafe, and include an updated design and new menu, keeping the best selling items. The company intends to use the space to showcase franchises, including a multi-tiered pop-up shop concept, as well as a food truck and full-service bar for beer, wine and mixed drinks.
The location will include a plant-based education centre, coffee shop and restaurant with plant-based meals made by their own team of chefs and nutritionists. It’ll also be used for training purposes and to duplicate the experience of other franchises courtesy of solutions from Iris Construction Management and consulting from the health food supermarket chain Les Marches TAU.
“It is very exciting for all of us to see our Canadian flagship location come to life. There are so many great features that showcase our brand under one roof and we can’t wait to implement them in all of our franchises across North America,” said Julia Frank, Plantx CEO.
The location will feature a plant-based education center, coffee shop, and restaurant with plant-based meals designed by our team of executive chefs and nutritionists. It will be used as a training center for future staff to replicate the experience in other franchises thanks to turnkey solutions from Iris Construction Management and consulting from the successful health food supermarket chain Les Marches TAU. The design, layout and offerings will be another way to help make a plant-based lifestyle accessible to residents of Squamish and eventually the rest of North America.
The company is buying a profitable business. In the ten months prior to October 31, 2020, the business generated $1,610,143 in total revenue at a gross margin of 19% and profit of $310,024. The previous year ending December 31, 2019, it generated $1,875,455 at a gross margin of 24%.