Muscle Maker, Inc. (NASDAQ: GRIL) shares jumped more than 47 percent Monday, after the parent company of Muscle Maker Grill, Healthy Joe’s and MMG Burger Bar announced the acquisition of one of its previously franchise-owned locations in the Chelsea neighborhood of Manhattan.
According to the Muscle Maker, the Chelsea restaurant is a high-volume location, recording 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.
“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.”