Muscle Maker Grill Acquires Manhattan Location

Rhea-AI Summary

Muscle Maker, Inc. (GRIL) announces the acquisition of a high-volume restaurant location in Chelsea, Manhattan, previously franchise-owned. This site generated over $1.1 million in sales in 2019 and will serve as a corporate-operated venue with expanded services, including outdoor seating, a ghost kitchen for additional brands, and online meal ordering. The company plans to enhance its menu with healthier beer and wine options. This acquisition aligns with Muscle Maker's growth strategy, which includes pursuing non-traditional locations and new concepts in response to market opportunities.

Positive

• Acquired high-volume restaurant previously generating over $1.1 million in sales in 2019.
• Expansion opportunities through new test products and ghost kitchen facilities.
• Plans to introduce healthier beer and wine options to the menu.

Negative

• None.

Fast-Casual Brand Adds High Volume Location to its Corporate Lineup

League City, Texas, Oct. 23, 2020 (GLOBE NEWSWIRE) -- Muscle Maker, Inc. (Nasdaq: GRIL) the parent company of Muscle Maker Grill, Healthy Joe’s and MMG Burger Bar, a fast-casual concept known for serving “healthier for you” meals, today announced the acquisition of one of its previously franchise-owned locations in the Chelsea neighborhood of Manhattan. The now corporate-owned restaurant is located at 70 7th Ave Between 14th and 15^th and is in the process of building an outdoor seating area, in addition to its already existing open air back patio to accommodate social distancing practices due to Covid.

The Chelsea restaurant is one of the highest volume locations, boasting more than $1.1 million dollars in sales in 2019. The acquisition gives Muscle Maker Inc. the opportunity to expand the business and to launch new test products to a broader audience. The restaurant will also serve as a ghost kitchen to additional brands under the Muscle Maker, Inc. umbrella. This location will offer dine in, take out, delivery, convenient online ordering through its mobile app – MMG Rewards, meal plans, smoothies, shakes and more. The brand also plans to serve healthier brands of beer and wine in the near future.

Muscle Maker, Inc. is continuing its growth plans by adding non-traditional locations on military bases, college campuses and delivery only ghost kitchens.

“We’re thrilled to add another corporate location under our belt, especially one of our highest volume locations in a very fast-paced market” said Michael Roper, CEO of Muscle Maker Grill. “We already have brand awareness in the market and we’re looking forward to taking things to the next level by launching additional concepts and beer and wine. As we have mentioned previously, we are constantly looking for opportunities to grow our corporately owned location portfolio including individual locations and potentially larger acquisitions. The current environment is presenting many strategic opportunities to grow the brand and we are in discussions on several other opportunities that have presented themselves. Any acquisition will be accretive to the top line sales and corresponding profitability of the brand.”

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

FAQ

What is the significance of the Muscle Maker Grill acquisition in Chelsea?

The acquisition of the Chelsea location is significant as it was a high-volume franchise generating over $1.1 million in sales, allowing for expansion and operational control.

How will the Chelsea location benefit Muscle Maker's growth strategy?

This location will serve as a corporate-operated venue to test new products and enhance the menu, aligning with Muscle Maker's goal of expanding its footprint.

What are the future plans for the newly acquired Chelsea location?

Future plans include adding outdoor seating, serving as a ghost kitchen for additional brands, and introducing healthier beer and wine options.

How does the Chelsea acquisition affect Muscle Maker's market presence?

The acquisition strengthens Muscle Maker's market presence in a fast-paced area, leveraging existing brand awareness to drive sales and attract new customers.