Canadian vegan fast-food chain Odd Burger Corp. is expanding into the U.S. and Europe with 50 new locations planned to open over the next eight years.
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The company announced Tuesday that it has entered into a Letter of Intent with Swiss firm Franchise Investment AG and its parent company Angelpreneur AG to develop the 25 new franchises in Florida and 25 in Germany, Switzerland and Austria.
Odd Burger co-founder and CEO James McInnes said the company is excited to bring global change in the fast-food industry.
Angelpreneur will open and operate the stores in Florida and franchise the locations in Europe, and will retain the right of first refusal to purchase additional territories in the EU if they become available.
The terms of the non-binding agreement cover franchise fees of US$20,000 per unit sold, royalties of five per cent and an advertising fund fee of 2.5 per cent.
It also provides for royalties and other fees to be allocated to both companies if locations are sub-franchised.
Angelpreneur is headed by Farshad Abbaszadeh, the founder of German Donar Kebab, which now operates stores in Europe, North America and the Middle East after opening in 2012.
Odd Burger was founded in 2014 and now operates as a chain of vegan fast food restaurants and a food technology company that distributes plant-based protein and dairy alternatives.
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