Muscle Maker, Inc. (NASDAQ: GRIL) is a parent company that maintains ownership in three key restaurant and food brands: Muscle Maker Grill, Pokemoto, and SuperFit Foods. Shares of the restaurant holding company shot up over 50% during trading on Monday, November 1, 2021. Over the past three months, Muscle Maker has seen average daily volume of 267,100 shares. However, volume of 80 million shares or dollar volume of $133.6 million, exchanged hands during trading to kick off November 2021.
Shares of healthy restaurant company surged Monday, after the company announced it has signed a master franchise agreement for 40 locations of Muscle Maker Grill in Saudi Arabia. The announcement comes after Muscle Maker’s recent expansion of ten locations into Kuwait. Once the Middle Eastern locations officially open, Muscle Maker stands to see its international footprint surge 400%.
The Kuwait franchise partners are taking the point position in expanding the healthy restaurant into Saudi Arabia. This includes all facets such as opening, training, distribution, operations, marketing and more. The Middle Eastern partners will expand into Saudi Arabia through the sale of franchises in packs of ten units.
“We are pleased to announce our 40 unit Master Franchise Agreement, our second international deal, quadrupling Muscle Maker Grill’s future presence in the Middle East,” said Mike Roper, Chief Executive Officer of Muscle Maker, Inc. “We’re thrilled that growth plans with our Kuwaiti partners are coming to fruition by expanding healthier for you options into the Kingdom of Saudi Arabia. According to research, the Kingdom of Saudi Arabia Fitness Service Market is expected to reach $1.3 billion by 2022, stressing the need for healthier dining options. We look forward to the brand coming to life in a new region as our international partners accelerate on local and regional levels.”
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