Fast Casual Brand Freshii Seeks c$100 Million in Canadian IPO

The better-for-you fast casual brand is aiming to raise C$100 million ($75 million in US dollars) in its Canadian initial public offering.

The brand’s investors including Jaxii Holdings LLC, which is led by Freshii’s CEO and chairman Matthew Corrin, plan to sell subordinated shares in the offering.

“The number of Class A subordinate voting shares to be sold and the price per Class A subordinate voting share have not yet been determined. The Offering will be managed by a syndicate of underwriters, including CIBC Capital Markets and RBC Capital Markets as lead joint bookrunners for the Offering,” according to statement made by the Toronto-based company this week.

The brand has yet to comment on how much they expect to raise.

We have been watching Freshii since the beginning. Corrin got his start in marketing, but decided to started the fast casual concept in 2005 when he was given a loan by his parents. Now the brand has 244 stores in 15 countries and 30 states.

Freshii has a lot in store for 2017 with an aggressive growth plan to open 150 to 160 new franchised stores.

According to its regulatory filing, the company is expecting a 3-4% same-store sales growth for 2017.

We chatted with Corrin, who has been named one of Inc. Magazine’s Top 30 Under 30, earlier this year. So what does he attribute the success of his brand to?

“Since the first day Freshii was born, we’ve lived by these five guiding principles that are referred to daily across our system: 1. Talk is cheap. Execution sets us apart. 2. Launch fast, fail fast, iterate faster. 3. Numbers rule. 4. Build a company with a killer culture, not a culture that kills our company. 5. Pick your battles,” said Corrin.

Do you think Freshii will acquire its lofty goal of C$100 million? Read more