Foodtastic hits a homerun with Shoeless Joe’s acquisition

Foodtastic Inc. continues to strategically build its restaurant portfolio with the acquisition of a majority interest in Shoeless Joe's Sports Grill.
A neighbourhood sports bar, the first Shoeless Joe’s Sports Grill opened on Eglinton Avenue in Toronto in 1985 and soon attracted the attention of investor Fred Lopreiato, who saw major potential in the brand. As owner, Lopreiato kicked off expansion and introduced franchising in 1997, growing the concept nationally.Today the sports-themed casual dining restaurant chain has 22 restaurants across Canada. 
Named for Joe Jackson, who came from a poor family in Pickens County, South Carolina and persisted to become one of the greatest hitters of all time, the restaurants offer the ultimate sports experience. Designed with the fan in mind, the environment celebrates all things sports in an energetic well-designed space that is meant to cultivate community, camaraderie and excitement. 
There are two formats—the flagships are greater than 8,000 sq. ft., while the franchise format is usually about 4,500 to 5,500 sq. ft., ideally situated in urban markets and those with populations of more than 25,000.
With well-situated televisions for viewing pleasure and a vast menu of fan favourites rounding out the experience, the concept elevates the traditional sports bar. For instance, food items include, gourmet burgers and hand-stretched flatbreads, as well as delicious bar staples, like wings and nachos, and several health-conscious alternatives.
Shoeless Joe’s is a great fit for Foodtastic, which is the franchisor of multiple restaurant concepts, including Milestones, Pita Pit, Second Cup, La Belle et La Boeuf, Monza, Copper Branch, Carlos & Pepe's, Souvlaki Bar, Nickels, Au Coq, Rotisseries Fusée, Rotisseries Benny, Chocolato, Big Rig, La Chambre, L'Gros Luxe, Gatto Matto and Bacaro. 
“We are extremely happy to welcome Shoeless Joe's in our family. It is a great sports bar brand that will fit in perfectly in our restaurant portfolio,” says Peter Mammas, president, and CEO of Foodtastic. "We are excited that Frank Lopreiato will stay on board as an equity partner and lead the brand, we are also looking forward to working with all our new franchisees and growing Shoeless Joe's in Canada."The Foodtastic legacy started when three friends—Mammas with, Jacques and Lawrence (who left the company in 2020)—with a passion for the restaurant industry launched their first Montreal-based concept, La Belle et La Boeuf, in 2012. In 2016 they decided to become a multi-brand restaurant company and today Foodtastic is a leader in the restaurant franchising business, with more than 700 restaurants and $700 million in annualized sales, plus, the deep industry experience.Growth kicked into high gear for the company in late 2018 when it received a $47 million investment from Restaurant Royalty Partners, a joint venture between funds managed by Oaktree Capital Management, L.P. and JHR Capital LLC, to accelerate Foodtastic's strategy of acquiring brands with strong potential for growth.Despite the pandemic, Foodtastic is on a roll. In 2021, it acquired Second Cup, Pita Pit, Milestone’s and popular plant-based concept Copper Branch. The company has a sharp vision and the ability to take brand to the next level. 
"We are thrilled to join Foodtastic Inc. Our commitment to continually evolve the brand has played a major role in the success of our growth and ability to compete in this ever-changing landscape. We look forward to sharpening the enterprise with the acquisition," says Frank Lopreiato.
Between Lopreiato and the Foodtastic team, Shoeless Joe’s is in good hands and we can’t wait to see what they do next. 
At Think Retail, we are excited to work with this ambitious Quebec-based company, as the Foodtastic leadership team drives growth for some of Canada’s most high-profile restaurant brands. 
We’d love to hear what you think. Contact the Think Retail team.