Article Date 11/03/2019

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Recipe Unlimited Reports 2018 Performance

Source Foodservice & Hospitality

Recipe Unlimited (formerly Cara Operations) recently reported results for the fourth quarter and full year ended Dec. 30, 2018. 

The company achieved positive results — a five-per-cent dividend increase — due largely to four acquisitions made in 2018, which totaled hundreds of locations. Acquisitions completed during fiscal 2018 include Keg Restaurants Ltd. (KRL) and Marigold and Onions Ltd. — a Toronto-based catering company. The acquisition of Marigold and Onions Ltd., as well as retail sales from Swiss Chalet-branded products, also helped to boost sales.

At year end, Recipe Unlimited’s portfolio comprised 1,382 restaurant locations. As of Dec. 30, 2018, the company had 19 brands, 85 per cent of which are operated by franchisees and joint-venture partners.

“2018 was a successful year for Recipe as we continue to deliver strong and consecutive quarter-over-quarter growth in system sales, operating EBITDA and free cash flows,” noted Frank Hennessey, CEO of Recipe Unlimited.

Hennessey added that, in 2018, growth in Recipe’s core business, as well as the merger with KRL, helped achieve total system sales of $3.4 billion — a 22.9-per-cent increase over 2017. System sales grew $130.5 million to $905.4 million during the fourth quarter of 2018, compared to $774.9 million during the fourth quarter of 2017, representing an increase of 16.8 per cent.

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