Restaurant chain EXKi is set to raise €15 million in fresh capital from its shareholders. As part of the deal, founder Frédéric Rouvez, who stepped down as CEO last year, will also be bought out.
EXKi experienced a challenging period during the Covid-19 crisis and has faced ongoing industry challenges, it said in a press release on Thursday. Last year, the company appointed Stan Monheim as CEO in March, succeeding Rouvez.
Monheim noted that renewed work methods, an improved purchasing structure, and a focus on core activities have already brought about "an initial turnaround."
Founded in 1999 by three friends, EXKi opened its first branch in Brussels, the company, which operates 77 restaurants in five European countries, including 38 in Belgium, has become profitable again in recent months and has made "significant progress" in reducing its debt.
The healthy food chain is now focusing on growth, which requires a “considerable” capital increase. Shareholder Iris Belgium will increase the capital by €15 million. As part of the deal, Iris Belgium has acquired the shares of the Dossche family and founder Frédéric Rouvez. Financial details have not been disclosed.
With the capital increase, the company plans to invest in a relaunch and engage in discussions about a "comprehensive debt restructuring" with other financial partners. This should lead to a next phase of profitable growth, the statement said.
"Our initial tangible signs of a turnaround, this solid financial base, our new vision, and the 100% confidence and commitment of our shareholder, make me confident that EXKi now has everything it needs to achieve sustainable growth," the CEO stated in the press release.
