Figaro to spin off Angel’s Pizza into new entity
The Figaro Culinary Group Inc. (FCG) is giving its pizza brand a fresh slice of independence.
The company plans to transfer its Angel’s Pizza business into a newly created entity, Angel’s Pizza Inc. (API) to streamline management and fuel the brand’s growth.
In a stock exchange disclosure on Friday, FCG said the plan was approved during a special board meeting on 20 November to sharpen operational focus across its growing portfolio.
New entity
“The Angel’s Pizza related assets of Figaro Coffee Systems Inc., the operating subsidiary of the Company, will be transferred to Angel’s Pizza Inc., a new entity created for this purpose, in exchange for shares in API,” the company said.
Following the restructuring, FCSI will wholly own API, which will take over the ownership and operation of the Angel’s Pizza business.
The Board also authorized company leadership to vote on FCSI shares to approve the transaction and related matters.
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