Boston Pizza sells fund units, seeks $48 million for expansion

June 13, 2002

VANCOUVER, British Columbia -- Boston Pizza International Inc., operator of 154 franchised Canadian restaurants, announced in a regulatory filing that it will sell units in a fund to raise as much as CAN $75 million (U.S. $48.7 million) for expansion across Canada.

According to Bloomberg News, Boston Pizza Royalties Income Fund will acquire Boston Pizza's trademarks in Canada and license them back to the company for 4 percent of the franchise revenue. Each fund unit will sell for $10.

Boston Pizza's fund-raising move follows a similar initiative launched recently by Canada-based Prime Restaurant Group Inc., which operates Casey's and East Side Mario's outlets.

Topics: Public Companies

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