Greco Pizza chain acquires Captain Submarine stores

March 19, 2002

TRURO, Nova Scotia -- Greco Pizza Restaurants acquired Captain Submarine company on Jan. 31.

Grinner's Food Systems Limited, parent company of Greco, said the purchase will add growth opportunities for the 111-store chain of 111 outlets, the largest pizza in Canada's Atlantic region.

Terms of the deal were not disclosed.

Captain Submarine has nine units in the Atlantic Provinces and Ontario, 21 fewer than it had in the 1980s.

Greco Pizza is planning to open two-prototype units this summer, serving offerings from both brands. An additional 40 units, some of which will be co-branded, are planned for 2003.

Most of the combined chain's growth is slated for rural markets, where co-branded units in food court operations and non-traditional express operations are slated for launch.

Greco's president, Michael Whittaker, said in a release, that the company expects to offer franchises this summer. Start-up costs will range between $50,000 and $150,000.

Greco Pizza Restaurants was founded in 1977 in Moncton, New Brunswick. Grinner's Food Systems Limited acquired the chain in 1981 when it had nine units.

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