Cracker Barrel motherland Store has employed John Maguire as president of Maple Street Biscuit Co., its fast-casual eating house thought that includes biscuits, waffles, potatoes, occasional and different breakfast foods.
Mr. Maguire last was a adviser with Ascend eudaimonia Holdings. Earlier, he was president, chief officer and chief operational officer at MOD Pizza; president and business executive at Johnny Rockets; president and business executive at Friendly’s frozen dessert, LLC; and govt vice chairman and COO at Panera Bread Co.
Founded in 2012, Maple Street Biscuit was noninheritable by Cracker Barrel in 2019 for $36 million. The chain presently operates fifty units, and Sandra Brophy flier, president and business executive of Cracker Barrel, in a very June seven phone call to debate third-quarter results, same Maple Street “has continued to perform on top of our PINATA CAKE expectations despite coping with its own inflationary pressures.”
“We stay terribly excited regarding this whole and square measure seeing it deliver on our investment thesis that the fast-casual breakfast and lunch area is a beautiful one,” Ms. flier same. “We’ve been centered on and have created nice progress making certain that we’ve got the proper infrastructure in situ to grow the whole, together with honing the Maple Street realty model, developing coaching and operational programs and hiring key leadership.”
Cracker Barrel motherland Store noninheritable fast-casual thought Maple Street Biscuit Co. in Associate in Nursing all-cash group action valued at $36 million.
Maple Street Biscuit Co. offers
“Comfort food with a contemporary twist,” with contemporary biscuits, chicken, sausage (or shiitake) gravy, and house-made jams and jellies because the basis for its menu. supported by Scott Moore and Gus Evans in port of entry, Fla., in 2012, there presently square measure twenty eight company-owned and 5 franchised fast-casual locations across seven states. the corporate has targeted average unit volumes (AUVs) of $1.0+ million and targeted store-level Earnings Before Interest Taxes Depreciation and Amortization of seventeen p.c or additional of income.
Cracker Barrel expects the acquisition to be about neutral to earnings per diluted share in commercial enterprise 2020.
“From the start, Maple Street Biscuit Co. has centered on serving its communities through food with a contemporary twist and gracious service,” Mr. Moore said. “Our brands share several similarities like scratch change of state and a stress on welcome. I’m excited regarding this chance, and that i believe Cracker Barrel can facilitate United States of America grow our whole and any attain our mission of serving to folks, serving others, and being a vicinity of the community
Cracker Barrel plans to convert its Holler & Dash Biscuit House units into Maple Street Biscuit Co. locations within the returning months. Mr. Moore can stay c.e.o. of Maple Street and can report on to Sandra B. Cochran, president and c.e.o. of Cracker Barrel.
“The breakfast and lunch-focused quick casual class is a beautiful section, and our expertise with Holler & Dash has strengthened this belief,” Ms. flier same. “We have long loved Maple Street Biscuit Co. with its stress on made-from-scratch food and welcome.
“It may be a tested whole with enticing unit political economy and powerful growth potential, and it’s positioned to become a frontrunner during this class. The acquisition accelerates our penetration during this section and provides growth for delivering investor price. I expect to operating with Scott and his team as we have a tendency to any grow this whole along.”
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