Odd Burger Corp., a vegan fast-food chain based in Canada, plans to open 50 new locations in the United States and Europe over the next eight years.
The company announced on Tuesday that it has signed a Letter of Intent with Swiss firm Franchise Investment AG and its parent company Angelpreneur AG to develop 25 new franchises in Florida and 25 in Germany, Switzerland, and Austria.
Odd Burger co-founder and CEO James McInnes stated that the company is excited to bring global change.
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Angelpreneur will open and operate the stores in Florida and franchise the locations in Europe, and will have first refusal to purchase additional territories in the EU if they become available.
The non-binding agreement stipulates franchise fees of US$20,000 per unit sold, 5% royalties, and a 2.5% advertising fund fee.
It also provides for royalties and other fees to be split between the two companies if locations are sub-franchised.
Farshad Abbaszadeh is the founder of German Donar Kebab, which opened in 2012 and now has stores in Europe, North America, and the Middle East.