Strauss Group Ltd. (TASE:STRS) today announced the sale of the Max Brenner international chain of restaurants and "chocolate bars" to its Israeli franchisees Yaniv Shtanger and Dudu Vaknin. The agreement includes the sale of the Max Brenner business, including the brand, the chain’s restaurants in the US, the international franchise agreements and lease of the factory for a total of $5 Million.
The factory in Beit Shemesh will remain the property of Strauss and will be leased by the buyer for five years with an extension option. The factory employees will continue working in their present jobs at the factory under the new ownership.
Strauss Group acquired the Max Brenner chain in 2001, six years after it was established by Oded Brenner and Max Fichtman as a manufacturer of premium chocolate marketed to points of sale. Since the acquisition Strauss Group stabilized the company, turning it into a chain of restaurants and chocolate bars that are one of a kind in Israel and worldwide. Over the years the chain expanded internationally and currently includes around 60 locations in six countries (Israel, Australia, Japan, the US, Russia and South Korea).
Strauss Group recently decided to sell the chain as part of its strategy to focus on the group’s core business. The Group chose to sell the chain to its Israeli franchisees, both of whom are former Strauss employees, in the belief that its sale to leading professionals in the restaurant trade who are closely acquainted with the chain will be beneficial to Max Brenner’s continuing global expansion and growth, as well as to fully capitalizing on its potential.
Published by Globes [online], Israel business news - www.globes-online.com - on May 24, 2017
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