Famous Brands, the owners of Steers, announced today that it has acquired 51% of Lexi’s Healthy Eatery, whose slogan is “Eat more plants”. Lexi’s Healthy Eatery is a mostly vegan, whole-food restaurant.
The JSE-listed company said its acquisition of Lexi’s Healthy Eatery is effective 1 April.
Lexi’s Healthy Eatery is a casual dining restaurant (CDR) brand, offering a full-service, sit-down, plant-based dining experience across all key day parts: breakfast, lunch and
dinner.
The acquisition pertains to the franchise and central kitchen operations of the business.
The acquisition is aligned with Famous Brands’ three-year strategic roadmap, which includes acquiring brands that have the potential to lead in their category, and which offer growth prospects based on opportunities to improve existing operational efficiencies in the target business.
Famous Brands’ existing portfolio does not include an exclusively vegetarian or plant-based offering, and as a forerunner in its category, Lexi’s is a good fit for the group.
“The trend to healthy eating and plant-based foods has been present in the market for some time, and continues to grow; this is evidenced by the increasing receptiveness to and take-up of healthier and vegetarian options on the menus of the group’s existing brand
portfolio,” Famous Brands informed investors.
Lexi’s was founded in 2018 by Lexi Monzeglio.
Lexi is the creative lead on brand and product development and strategy, while her business partner, Ezio Nichele, manages the operations of the company, which comprises four restaurants, three owned by Monzeglio and Nichele, while one is franchised.
The restaurants are located in Rosebank, Modderfontein, Hazelwood (Pretoria) and Sea Point.
Lexi’s also operates a fledgling central kitchen that develops and produces meals for restaurants and retails a limited range of convenience frozen goods to a small number of supermarkets. The menu is plant-based, being almost entirely vegan, gluten-free and refined sugar-free.
Management contracts have been concluded with Monzeglio and Nichele.
“As the creator and developer of the brand, Lexi Monzeglio brings a unique skill set and intellectual capital in a relatively untapped market niche for Famous Brands. Together Lexi and her partner, Ezio Nichele, will be key to developing the strategic direction of the
business through their vision and capability,” said Famous Brands.
“While historically plant-based food was regarded as a privileged way of life, in line with the global trend, there has been a marked expansion of the demographics of Lexi’s customers as access to the product and appreciation of the plant-based concept grows and takes
hold in non-traditional market segments.
“Famous Brands will provide the infrastructure, industry experience and working capital to assist Lexi’s to realise its potential by helping to make a plant-based, sustainable lifestyle more accessible and convenient for communities.”
Also read: Tiger Brands’ Venture Capital Fund Makes First Investment In Herbivore Earthfoods
