- Odd Burger (TSXV:ODD) has secured its second U.S. area representative agreement to develop 40 new locations in Florida over the next eight years
- The agreement follows a deal to open 20 locations in Washington state signed in June 2023
- Odd Burger is a franchised vegan fast-food restaurant chain
- Odd Burger stock has added 36.36 per cent year-over-year
Odd Burger (TSXV:ODD) has secured its second U.S. area representative agreement to develop 40 new locations in Florida over the next eight years.
The agreement, signed with StarMatt, a Florida-based real estate and franchise development company, follows a deal to open 20 locations in Washington state signed in June 2023.
StarMatt is a joint venture spearheaded by Prashant Dalal and Vishal Valsadia. Dalal is Odd Burger’s area representative for Ontario, where he has nearly doubled Odd Burger restaurants operational or under development year-over-year. Valsadia is president of Matti Homes, a real estate development company that has built more than 1,000 homes across Ontario and boasts an established track record in commercial property development.
Odd Burger’s U.S. expansion strategy consists of selling franchise development rights in each state to area representatives with local market knowledge. These representatives are in charge of securing franchise partners, site selection, construction and ongoing operational support, in exchange for a percentage of the franchise fee, development fees and recurring royalties on operating locations under their purview.
The news follows numerous developments in the Canadian market, where Odd Burger has 16 operational locations, including opening its first restaurant in Edmonton on May 11, with one of its largest turnouts to date for an opening weekend; new restaurants in Ottawa and Victoria set to open in June; and plans to open four additional restaurants in Toronto and one in Vancouver before summer ends, bringing Odd Burger’s total number of operational locations to 21.
Leadership insights
“We couldn’t be more excited to start the process of expanding into the Florida market,” James McInnes, Odd Burger’s co-founder and chief executive officer, said in a statement. “We are very fortunate to have such a strong partnership with StarMatt, and we are confident that they will be successful expanding into the Florida market.”
“We see an incredible opportunity in the Florida market,” Dalal said. “We feel that our team has the perfect experience to succeed in developing this territory and we believe that the Odd Burger brand will rapidly expand across Florida.”
About Odd Burger
Odd Burger is a franchised vegan fast-food restaurant chain. The company also manufactures a proprietary line of plant-based protein and dairy alternatives.
Odd Burger stock (TSXV:ODD) is unchanged, trading at C$0.15 per share as of 9:58 am ET. The stock has added 36.36 per cent year-over-year.
Join the discussion: Find out what everybody’s saying about this vegan fast-food restaurant stock on the Odd Burger Corp. Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo is sourced from Odd Burger.)