Canada’s Odd Burger (TSX: ODD) announces it has signed its first US Area Representative Agreement for the development of 20 locations in Washington State over the next eight years. According to Odd Burger, the agreement marks a significant milestone as it seeks to expand its presence beyond Canada and become established in the US market.
“The US market has always been our primary expansion target”
Odd Burger seeks to grow exclusively through a territory development strategy, where it sells franchise development rights of each state to Area Representatives who are familiar with the local market and can assist with growth. Area Representatives also secure franchise partners, assist with site selection, construction, and provide ongoing operational support for franchisees.
The company is currently seeking territory developers in 28 states.
Multiple expansion plans
In the last year, Odd Burger has revealed a series of major expansion plans in the US and Europe. In June 2022, the company signed an agreement to open 40 new restaurants in Ontario over eight years, and the following month, secured land to build a 50,000 sq. ft. manufacturing facility for its plant-based foods.
In December, Odd Burger also signed a Letter of Intent to open up to 50 new locations in the state of Florida, as well as in the DACH region of Germany, Switzerland and Austria.
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Most recently, the company terminated an LOI with Zoglo Food Corp, whereby Odd Burger was to acquire 100% of Zoglo’s issued and outstanding shares. The latest agreement was signed with 5th Group Holdings Ltd., a commercial construction and franchise development company based in British Columbia.
“The US market has always been our primary expansion target and we are now ready to open our first set of US locations,” says James McInnes, CEO and co-founder of Odd Burger. “The opportunity for Odd Burger is tremendous in the US, and we are fortunate to work with the talented team at 5th Group Holdings Ltd.”
“We are excited to be the first US Area Representatives and to lead Odd Burger’s expansion into this key market,” says Luke Ceraldi, president of 5th Group Holdings Ltd. “We see huge potential for the brand and can’t wait for US customers to finally get a chance to enjoy all of the amazing food and customer experiences that Odd Burger has to offer.”