Muscle Maker Grill Acquires Superfit Foods - Florida Based Meal Prep Business
March 30 2021 - 8:30AM
Muscle Maker, Inc. (Nasdaq:
GRIL) the parent
company of Muscle Maker Grill, a fast-casual concept known for
serving “healthier for you” meals, today announced it has acquired
Superfit Foods, LLC (www.superfitfoods.com), a unique meal prep
business located in northern Florida which produced over 220,000
meals in 2020. The acquisition of Superfit Foods is on the heels of
Muscle Maker Grill’s recent announcement that it has partnered with
Happy Meal Prep to begin shipping its “healthier for you” fully
prepared meal prep options right to the doorsteps of millions of
potential customers throughout the Northeast.
Superfit Foods’ meals are subscription based and
can be ordered via the company’s app or website. The Company
differentiates itself from other meal prep services by allowing
their subscription customers to pick up their fully prepared meals
and fresh pressed juices from coolers in 28 partner gyms and
wellness centers. Direct to customer shipping options and home
delivery are also available and meals can be shipped anywhere in
the United States. Superfit Foods’ meals are made in the company’s
own kitchen and are distributed to local coolers for customer pick
up twice per week. The Company has partnerships with local gym
owners, personal trainers, and wellness centers which drives brand
awareness and meal prep sales. Targeted social media campaigns and
local engagement via events and sampling opportunities allows the
company to connect with its core customers. With the global meal
kit delivery services market size valued at $7.6B in 2019 and
expected to grow at a compound annual growth rate (CAGR) of 12.8%
from 2020 to 2027, the company is positioning itself well to
capture a percentage of the meal prep market.
Superfit Foods has historically grown by double
digit percentages annually since inception. Number of meals per
order average 8.5 with the corresponding average revenue per order
of $81.70. There are over 150 different meals for consumers to
choose from and the plans focus on specific dietary categories such
as Paleo, Vegetarian, Build Up, Maintain and Lean Down. The
company’s current footprint is in Florida and we intend to evaluate
additional markets for future expansion. This model can also be
expanded into different markets which MMG meal prep currently
service. MMG has acquired Superfit Foods for cash and stock,
specifics will be released in an 8k.
Mike Roper, CEO of Muscle Maker Grill,
commented, “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. 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. Our target audience is in search
of healthy food options with a high level of convenience –no
shopping or prep required and no wasted food in their refrigerators
at the end of the week. Superfit Foods adds another component to
our existing meal prep business allowing our customers to pick up
food from conveniently located coolers where they are exercising or
shopping for wellness products and services. Buying a growth
oriented company adds to our top line revenue while providing
another platform for expected expansion into additional markets.
The meal prep business is vast but fragmented. There are many great
companies out there like Superfit Foods which are perfect to roll
into our existing non-traditional growth model. We intend to
continue to evaluate other acquisition targets.”
About Muscle Maker Grill
Founded in 1995 in Colonia, New Jersey, Muscle
Maker Grill features high quality, great tasting food, freshly
prepared with proprietary recipes. The menu, created with the
guest’s health in mind, is lean and protein based. It features
all-natural chicken, grass fed steak, lean turkey, whole wheat
pasta, wraps, bowls and more. It also offers a wide selection of
fruit smoothies in a variety of assorted flavors, protein shakes
and supplements. For more information on Muscle Maker Grill,
visit www.musclemakergrill.com.
Forward-Looking Statements
This press release may include “forward-looking
statements” pursuant to the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. To the extent
that the information presented in this press release discusses
financial projections, information, or expectations about our
business plans, results of operations, products or markets, or
otherwise makes statements about future events, such statements are
forward-looking. Such forward-looking statements can be identified
by the use of words such as “should”, “may,” “intends,”
“anticipates,” “believes,” “estimates,” “projects,” “forecasts,”
“expects,” “plans,” and “proposes.” Although we believe that the
expectations reflected in these forward-looking statements are
based on reasonable assumptions, there are a number of risks and
uncertainties that could cause actual results to differ materially
from such forward-looking statements. You are urged to carefully
review and consider any cautionary statements and other
disclosures, including the statements made under the heading “Risk
Factors” and elsewhere in documents that we file from time to time
with the SEC. Forward-looking statements speak only as of the date
of the document in which they are contained, and Muscle Maker, Inc
does not undertake any duty to update any forward-looking
statements except as may be required by law.
Contact: Muscle Maker Grill Marketing
marketing@musclemakergrill.com
Investor Relations: IR@musclemakergrill.com
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