Peter Mammas runs a restaurant business that’s set to make $1 billion this year, and surprisingly, he’s as easy to get to as your next-door neighbor.
The type of entrepreneur whose success doesn’t go to his head.
In 2016 he founded Foodtastic with his brother and another partner. The group now owns around 900 restaurants and around twenty brands. He created La Belle et la Bœuf and other concepts while pursuing an imposing acquisition strategy – specifically Benny, Second Cup, Freshii.
“My team and I are very good at seeing what isn’t going well and understanding how to get a business up and running again. Second Cup was on the decline, we turned it into a growth trajectory. Milestones Gil & Bar too,” says the Montreal entrepreneur.
He started at age 12 at Faros, the restaurant run by his father, a Greek immigrant who arrived in Montreal in the 1950s and for whom the journey was riddled with pitfalls.
“He needed help and I had to wash dishes while my friends were playing hockey. I was embarrassed to do that,” he recalled.
At 14, young Peter was promoted to the dressing room: he was getting tips while watching Canadian games on TV!
Associated with Celine Dion
To please his mother, he enrolled in civil engineering college and eventually realized he had the restoration bug. In 1990, for example, Peter Mammas opened a restaurant with his brother, who is also his best friend, and René Angélil and Céline Dion fell in love with it until they became partners. It was the famous singer who christened the Nickels brand and was prompted to open several franchises.
Later there was the purchase of Bâton Rouge, which the Mammas grew from 5 to 23 restaurants in six years and then sold for $43 million. Peter could have just enjoyed a comfortable life back then, but the appetite for restaurants was still great.
“My wife sees me leaving the house every morning and tells me I don’t go to work because nobody likes going to work that much! I’m like a hockey player: I have passion! »
Inspired by Couche Tard
With partner Oaktree Capital Management handling the financing of the acquisitions, the growth has been phenomenal and inspired by the strategy of Couche-Tard founder Alain Bouchard.
“We want to be one of the biggest players in Canada and maybe even in North America. We are looking for opportunities in the United States. »
Peter Mammas says that with the tone of a teenager dreaming of playing in the NHL. Not to make millions, but out of passion. His three children have no luxuries, they pay for themselves, which is beyond a reasonable budget. The 19-year-old son dreams of taking his father’s place at the helm of Foodtastic. The idea smiles at dad, but it takes at least an MBA!
family succession?
“I want the best for my children and I want them to deserve it. My son works as a waiter and delivery man, he goes to school,” he says, praising his wife’s excellent educational work.
“I can never thank him enough. »
Peter Mammas eats in his incognito restaurants at least seven times a week. He takes notes and then goes to greet the staff. He says they are like family and want them to grow with the company. Its only downside in growth? He often travels outside of Montreal, the city he loves the most.
Foodtastic
- Number of employees : 15,000
- The headquarters: Montreal
- Founding year: 2016
- Founder: Peter and Lawrence Mamas, Jacques Gaspo
PROFILE OF PETER MAMMAS
- Work : President and CEO
- Education: Studies in civil engineering
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