Wingstop Signs 100-Restaurant Agreement for Canada
Hungry Canadians can get their hands on that signature Wingstop "flavour" beginning early 2022
DALLAS, April 27, 2021 /CNW/ -- Wingstop (NASDAQ: WING) is the award-winning wing concept with more than 1,500 locations worldwide and specializes in cooked-to-order wings, hand-sauced-and-tossed and available in 11 signature flavors, as well as hand-cut fries and house-made dips and sides. Today, the brand announced plans to extend its global reach by expanding into Canada through an agreement with JPK Capital to develop 100 Wingstop locations across Canada in the next 10 years, with the first set to open in Toronto.
JPK Capital is a single-family office motivated by sustainable change, technological innovation, and long-term vision. Founded in 2017 and led by entrepreneur and founder of Luxury Retreats (sold to Airbnb) Joe Poulin, JPK Capital specializes in providing the long-term capital, strategy, and tech expertise consumer businesses need to scale and grow their operations. JPK Capital's portfolio includes successful restaurant franchises across several countries.
"JPK Capital could not be happier to partner with Wingstop and lead the charge in bringing one of the most successful restaurant brands and the best wings in the world to Canada," said Joe Poulin, founder and CEO of JPK Capital. "As technology entrepreneurs and investors, we have been impressed with Wingstop's investment in innovation and look forward to capitalizing on its proprietary tech stack to offer a best-in-class digital and in-restaurant experience to Canadians."
Wingstop's expansion into Canada comes on the heels of an explosive 2020, where the brand experienced its 17th consecutive year of positive same-store sales growth, rounding out the year with 153 net new units, 21.4% domestic same-store sales growth, and total digital sales north of 60%.
"Wingstop in Canada marks another key step toward our stated goal of becoming a Top 10 Global Brand and further validates the portability of our brand on a global level," said Nicolas Boudet, president of international at Wingstop. "We currently see Wingstop addressing a need in the Canadian market with our unique brand positioning and product offering and believe this is a market where we can replicate the success we've experienced in the U.S. based on Canadians' appreciation and craving for bold flavor and high-quality product. We are excited to partner with JPK Capital on this endeavor. Joe Poulin and his partners have built a strong track record seeding, operating, and scaling high-growth companies in the technology and hospitality sectors."
Wingstop targeted Canada for its global expansion because of Canada's proximity to the brand's home market in the U.S. as well as similarities in consumer behaviors regarding digital engagement and off-premise dining.
The 100-location agreement starts in Ontario, with the Toronto location anticipated to open in 2022 pending any unexpected or additional Canadian border regulations and closures stemming from COVID-19.
About Wingstop
Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises over 1,500 locations worldwide. The Wing Experts are dedicated to Serving the World Flavor through an unparalleled guest experience and offering of classic wings, boneless wings and tenders, always cooked to order and hand-sauced-and-tossed in fans' choice of 11 bold, distinctive flavors. Wingstop's menu also features signature sides including fresh-cut, seasoned fries and freshly-made ranch and bleu cheese dips.
In fiscal year 2020, Wingstop's system-wide sales increased 28.8% year-over-year to approximately $2.0 billion, marking the 17th consecutive year of same-store sales growth, and Wingstop achieved over 700% stockholder return since its 2015 initial public offering. With a vision of becoming a Top 10 Global Restaurant Brand, its system is comprised of independent franchisees, or brand partners, who account for more than 98% of Wingstop's total restaurant count of 1,579 as of March 27, 2021. During the fiscal quarter ended March 27, 2021, Wingstop generated 63.6% of sales via digital channels including Wingstop.com and the Wingstop app.
A key to Wingstop's success is The Wingstop Way, which includes a core value system of being Authentic, Entrepreneurial, Service-minded, and Fun. This value system extends to its environmental, social, governance platform as Wingstop seeks to provide value to all stakeholders.
The Company has been ranked on Entrepreneur Magazine's "150 Strongest-Growing Franchises" and "The World's Best Franchises" (2020), Franchise Business Review's "Top Food Franchises" (2020), Nation's Restaurant News' "Top 200 Restaurant Chains" (2020), Fast Casual's "Top 100 Movers & Shakers" (2020), and named to The Stevie Awards for Great Employers (2020).
For more information visit www.wingstop.com or www.wingstop.com/own-a-wingstop and follow @Wingstop on Twitter and Instagram and at Facebook.com/Wingstop. Learn more about Wingstop's involvement in its local communities at www.wingstopcharities.org.
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Megan Sprague
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SOURCE Wingstop Restaurants Inc.