Craveable Brands adds to its flock of iconic Aussie chicken brands with the purchase of Chargrill Charlie's

SYDNEY,May 9,2023 --Chargrill Charlie's and Craveable Brands have announced today that they've reached terms that will see Craveable Brands add Chargrill Charlie's to its stable of uniquely Australian-born and bred brands,which currently include Red Rooster,Oporto,and Chicken Treat.

Chargrill Charlie's is a family-built business with a reputation amongst its loyal,local communities for a warm and inviting atmosphere,coupled with generous,nutritious,and tasty meals. With the support of franchise partners,suppliers and local communities,the Sher family has grown the business from a single restaurant opened in Coogee in 1989,to a network of 19 stores with a growing presence across Sydney and Melbourne.

Commenting on the purchase,Director and Group CEO for Craveable Brands,Karen Bozic,said the company had long been admirers of Chargrill Charlie's.

"We're delighted to be adding the Chargrill Charlie's brand to our stable and understand and respect the responsibility that comes with taking carriage of an iconic and much-loved brand.

"Our first priority will be to work with Chargrill Charlie's franchise partners and their teams to continue providing customers with the wonderful Chargrill Charlie's service and food they expect and love. We are also pleased the current owners will continue to operate multiple franchise stores and support us at an executive level for at least the next 12 months as we chart the next chapter for the brand.

"Chargrill Charlie's fills market gaps to complement our existing chicken brands and locations,and through our passion for great food,hospitality knowledge,and networks across the food services industry,we see great potential to build on the Sher family legacy and share the magic of the brand with more Australians."

Reflecting on their decision to sell the business,Chargrill Charlie's co-owners,Maon Sher and Saul Sher,said the sale marks a new chapter not only for the brand,but for the family.

"We're proud of what we've built over more than three decades,including our reputation for innovative products and initiatives that span patented cooking technology and digital. This,together with our focus on team which has seen some team members stay with us since the day we opened our first store – with some,even opening up their own franchisee stores – has helped us to stay ahead of industry trends and satisfy the customers we serve," Maon Sher said.

"Craveable Brands has extensive strategic business expertise and a commanding national market presence,and wevalue the opportunity to pass the reigns to them. Our commitment and dedication to our stores and people have been instrumental in building a distinctive,market leading brand with enduring customer loyalty,and we're confident that Craveable Brands is well placed to not only preserve our loyal customer base,but also drive further growth for the brand and the people associated with it," Saul Sher added.

The transaction is expected to conclude on or before 30 June 2023.Chargrill Charlie's is advised by Monash Advisory and Arnold Bloch Leibler; and Craveable Brands by Maddocks and EY.