"We immediately saw the potential of the Mr. Mike's brand. It's a menu that goes well beyond just steak and appeals to everybody," said Mike Cordoba, RAMMP CEO.
Cordoba said RAMMP plans to double the size of the chain - which at its peak had 90 units - and move east in the next five years. Initially, it plans to open new outlets in Vancouver, Edmonton, Regina, Winnipeg and Calgary.
Established in 1960 with its first restaurant on Granville Street, Vancouver, Mr. Mike's has evolved from a popular, self-service restaurant to an award-winning, mid-range, casual dining chain with operations in more than 19 cities.
The latest acquisition means that RAMMP now boasts 38 restaurant units in Western Canada: 19 Mr. Mike's; 15 Pantrys and four Rockwell's, with an additional Rockwell's location under construction and scheduled to open this April.
Mr. Mike's new ownership team comes with more than 100 years of restaurant, retail and consumer goods experience. The team brings a depth of expertise with Canadian brands such as Boston Pizza, The Keg, White Spot, Milestones, Canadian Springs and Mr. Lube, Cordoba said.
Prior to the takeover, a Mr. Mike's franchise required a total investment of from $600,000 to $1.2 million, including a franchise fee of $50,000. RAMMP may introduce a new franchise model.
from Western Investor, March 2011
