History

Prime’s size and success arose from several connections.

The Sudbury Connection

In 1979, three entrepreneurs from Sudbury, Ontario joined forces to open in early 1980 the first Casey's Restaurant in their hometown. It was small and unrefined (by our current standards), but a smashing success, and a second, equally successful Casey's Restaurant followed in Elliot Lake.

These founders soon moved south and set up shop in Burlington, Ontario with a fourth partner. There, they expanded the Casey's business, and developed other brands, through their company Yesac Creative Foods Inc. ("Yesac" being "Casey" spelled backwards). The first Pat and Mario's Restaurant was built in Whitby in 1982 as an opportunity to establish a take-out-only pizza and pasta business. It became a successful restaurant, and a second Pat and Mario's Restaurant was soon established in North York.

We built several Pat and Mario's Restaurants in Florida, and soon developed a distinctive modification at Aventura Mall, Miami - the first East Side Mario's Restaurant. The East Side Mario's brand was soon thereafter successfully imported into Canada.

By 1988, it became clear that the Casey's, Pat and Mario's, and East Side Mario's brands would need a significant capital infusion to proliferate, and that with capital it would be possible to develop restaurant brands with great potential. That's when the Toronto connection entered the play.

In the Meantime — The Toronto Connection

A Toronto-based operator of contemporary diner-style restaurants had opened its first Lime Rickey's Restaurant in 1985 in Thornhill, Ontario. Shortly thereafter, three more Lime Rickey's Restaurants opened for business (including one in the prestigious Toronto Eaton Centre). Although initially very successful, times change. All Lime Rickey's restaurants closed when their leases expired.

And — The Montréal Connection

The Charles Bronfman organisation of Montréal (via The Charles Rosner Bronfman Family Trust) acquired a majority interest in the Lime Rickey's company in 1986.

Marrying the Connections

The Lime Rickey's company formed Prime to acquire the Casey's, East Side Mario's, and Pat and Mario's franchising systems and key employees of those businesses in August 1989. Since then, Prime has become a major force in the Canadian casual theme restaurant industry.

The Sale of East Side Mario's

By 1993, Prime had expanded the East Side Mario's brand into the United States through an American subsidiary. Its potential was so great that several suitors proposed to purchase Prime, or the East Side Mario's brand. After many months of negotiation, Pizza Hut, Inc. (itself, then a subsidiary of Pepsico), of Wichita, Kansas purchased our American subsidiary (Prime Restaurant Systems of America Inc.). It granted to Prime the exclusive Canadian master license rights to the East Side Mario's, and Pat and Mario's trade-marks and related systems.

The American East Side Mario's Company - 1993 to 2000

The owner and American Franchisor of the East Side Mario's brand from December 1993 to September 1, 2000 was East Side Mario's Restaurants, Inc. (formerly, Prime Restaurant Systems of America Inc.). Pizza Hut, Inc., in turn, sold that company to California-based Marie Callender Pie Shops, Inc. in early 1997. But see "Reuniting the Brand" below; we bought the trade-marks back in 2000!

Vive Le Québec Division

In 1992, Prime established its first restaurant (East Side Mario's) in Brossard, Québec. Today, there are many East Side Mario's and also Casey's restaurants in La Belle Province.

The Pub Connection - Cheers!

In 1996, Prime formed a joint venture with other restaurateurs (including one of the three Sudbury founders of the Casey's, Pat and Mario's, and East Side Mario's systems) to establish Irish Pubs under a variety of distinctive names. The first such Irish Pub (called Sláinte) opened in Hamilton, Ontario in November 1996. The interior of Sláinte was designed and built in Ireland, shipped across the ocean and assembled on-site. This division of Prime has opened several more Irish Pubs since then operated under various banners such as Fionn MacCool's, D'Arcy McGee's, Tir nan Óg and Paddy Flaherty's.

In 1999, the Pub division opened an exciting new brand - Bier Markt - [that's not a typo!] -- in down-town Toronto on the Esplanade. Here, you will find a huge (yes - huge) variety of imported beers and up-scale Belgian foods, all in an inviting, casual (yet sophisticated) environment. We have yet another hit on our hands!

In February 2002, Prime acquired the interest of the minority in the pub division - and made the minority owners part of our management.

Red Devil Barbeque & Grill

We opened the first Red Devil Barbeque and Grill restaurant in Newmarket, Ontario, in February 1997. More were built, but most Red Devil Barbeque and Grill restaurants have been converted to Casey's or East Side Mario's restaurants, and one was removed from Prime’s system entirely in 2004. We do not have any current intentions to re-launch the Red Devil brand.

Management Buy-Out

In February 2000, senior management of Prime acquired full ownership with the acquisition of all of the shares from The Charles Rosner Bronfman Family Trust of Montréal.

Parting with the Bronfman organisation was both sweet and sad. We couldn't have designed a better majority owner; they provided best-in-the-world business advice. At the same time, however, management gained full ownership and control over the company's destiny - and that did feel good! We are financially strong and have a capable and committed management team.

Reuniting the Brand

Effective September 1, 2000, Prime reunited the East Side Mario's brand by acquiring the world-wide trade-mark rights from East Side Mario's Restaurants, Inc. (our former subsidiary that we had sold to Pizza Hut, Inc. in 1997).

The Public Connection

On July 22, 2002, we made yet another connection -- this time with public investors. The Prime Restaurants Royalty Income Fund -- listed on the TSX (with the appropriate symbol EAT.UN) -- allows investors to participate in our success. For the latest public info on the Fund, go to www.primeincomefund.ca, or go to www.sedar.com, and search for us under "Company Profile".

Pubs USA

In December 2006, Prime, through its American subsidiary, entered into a joint venture with Fransmart, LLC. (of Alexandria, Virginia and Newport Beach, California), forming Prime Pubs of America, LLC to franchise certain of Prime’s Irish Pub Brands across America. Fransmart is an experienced provider of franchise sale services with successful expansion techniques and proprietary software tailored to each of the brands they represent. We are looking forward to bringing our wonderful Irish Pub Brands to our friends south of the border.

We have a Plan

Prime will continue to expand in the future. If we aren't in your community yet - we probably will be there soon. Watch for us. We want to make connections with you!