Papa Bello Enterprises announced today that the company has signed a letter of intent to acquire Pastore's of Rosedale Inc., a Baltimore-based restaurant, deli and bakery chain. The announcement comes shortly after the restaurant's announcement to acquire Middle-Eastern themed Kebab Café.
Established in 1999, Pastore's now has two locations in the greater Baltimore area and expects to post revenues of approximately $1.4 million in fiscal year 2009. Pastore's is known for its premium deli meats, cheeses, desserts and prepared foods. In addition, Pastore's has built a strong catering and delivery program, which Papa Bello will incorporate into its stores as well as the Kebab Cafe.
Following the acquisition, Pastore's will assist Papa Bello in the design and deployment of a new franchise concept that the company expects to market nationwide under the name Pastore's Italian Bistro & Pizzeria.
James Price, CEO of Papa Bello Enterprises, said that the first new Pastore's Italian Bistro would be opened within two months. "This location will be used as the model for franchising the concept (and) training new franchisee," he said.
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