Muscle Maker, Inc. (Nasdaq:
GRIL) the parent
company of Muscle Maker Grill and SuperFit Foods, concepts known
for serving “healthier for you” meals today announced it has
acquired Pokemoto™ (www.pokemoto.com), a thirteen location concept
known for its healthier modern culinary twist on a traditional
Hawaiian poke classic. The acquisition of Pokemoto is Muscle Maker
Grill’s second acquisition in 2021; the first being SuperFit Foods,
LLC, a fresh-prepared meal prep service that prepares “healthier
for you” meals in Jacksonville, FL producing over 220,000 meals in
2020.
Pokemoto has thirteen locations in four states –
Connecticut, Rhode Island, Massachusetts and Georgia and offers up
chef-driven contemporary flavors with fresh delectable and healthy
ingredients such as Atlantic salmon, sushi-grade tuna, fresh mango,
roasted cashews and black caviar tobiko that appeals to foodies,
health enthusiasts, and sushi-lovers everywhere. Guests can choose
from a list of signature bowls or be bold and build their own
unique combination of a base, protein and various toppings and nine
different sauces. Vegetarian options are available, and the bowl
combinations are virtually limitless. The colorful dishes and
modern chic dining rooms provide an uplifting dining experience for
guests of all ages. Customers can dine in-store or order online via
third party delivery apps for contactless delivery.
“The Pokemoto acquisition is something we’ve
been working on for quite some time and we’re excited to see the
deal cross the finish line.” said Mike Roper, CEO of Muscle Maker,
Inc. “In January we launched a partnership with Happy Meal Prep to
ship fresh-prepared Muscle Maker Grill meals nationwide. In March
we purchased SuperFit Foods, a Jacksonville, FL meal prep company
and now we are adding Pokemoto as our newest and largest
acquisition to date. Pokemoto has thirteen locations with six
additional franchise agreements sold to be opened in the future.
The acquisition allows us to expand on what we do best which is
offering a variety of fresh-prepared “healthier for you” meals. The
poke segment attracts sushi fanatics and those who just want to eat
something with a lot of flavor. Our management team has been busy
researching acquisition opportunities that fit into our
non-traditional growth strategy and the work is starting to bear
fruit. Pokemoto already has university locations near Yale
University, Fairfield University, University of Connecticut
Stamford, University of New Haven, Southern Connecticut State
College, Quinnipiac University and Franklin Pierce University. The
concept also fits perfectly within our ghost kitchen model. Buying
yet another growth-oriented multi-unit concept accelerates our top
line revenue growth and adds another strong brand to the delivery
only side of the business.
As reflected in Pokemoto’s audited financial
statements, Pokemoto generated $3,643,342 in total revenue in 2019
with a positive EBITDA margin of 26.6% of $969,770. In 2020, during
the pandemic, Pokemoto was able to increase its total revenue
slightly to $3,653,478 and continued positive EBITDA of $506,802
even in the face of temporary cost increases and headwinds caused
by the pandemic.
The Pokemoto total revenue of $3,653,478 in 2020
represents a significant increase in overall revenue to Muscle
Maker. In 2020, Muscle Maker total revenue was $4,473,447. The
addition of Pokemoto revenue will increase Muscle Maker, Inc.’s
total revenue by 81% to $8,126,925. In addition, we expect the
recent acquisition of Superfit Foods, the upcoming opening of four
locations at the Northern Virginia Community College system along
with the expected economic recovery following the rollout of Covid
vaccines to drive additional revenue growth throughout the
remainder of 2021. The positive EBITDA generated by Pokemoto, along
with the recent acquisition of SuperFit Foods, are instrumental in
driving Muscle Maker on a faster path towards our goals.
Muscle Maker has identified and anticipates cost
and operational efficiencies as part of the acquisition. These
efficiencies will impact both the Pokemoto brand and the overall
Muscle Maker company, helping it execute against its growth
strategy.
“We believe that this concept will continue to
grow rapidly as we implement our nationwide strategy.” Mike Roper,
CEO of Muscle Maker, Inc. stated. Mr. Roper went on to say, “My
team and I have been involved with the rollout of brands
historically and we believe we have the experience to take Pokemoto
to the next level. I believe prospective franchisees will be
excited when they look at the store level economics, low buildout
costs along with the ease of operations, and see how wide open the
country is to place Pokemoto restaurants in prime locations. We
believe we can grow this brand into something that people can enjoy
in every state in the country.”
About Muscle Maker
Muscle Maker Grill was Founded in 1995 in
Colonia, New Jersey and features “healthier for you” high quality,
great tasting food, freshly prepared with proprietary recipes.
Muscle Maker, Inc. is the parent company of Superfit Foods
(www.superfitfoods.com), a Jacksonville, Florida, based
fresh-prepared meal prep company focused on delivering dietary
specific meals direct to consumer homes or designated pick-up
locations. In addition, Muscle Maker, Inc. is the parent company of
Pokemoto, a “healthier for you” fresh ingredient poke bowl concept.
Pokemoto (www.pokemoto.com) features fresh Atlantic salmon,
sushi-grade tuna, fresh fruits and vegetables and propriety
recipes. 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
Marketingmarketing@musclemakergrill.com
Investor Relations:IR@musclemakergrill.com
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