The Ukrainian restaurant chain Lviv Croissants has entered the US market, where it has invested $220 thousand together with a partner to open a bakery and produce frozen croissants in the suburbs of Atlanta, Georgia.
“Lviv Croissants is now in America! The first Lviv Croissants bakery in the United States is located in the suburbs of Atlanta, Georgia, and is already welcoming its first guests. Locals love quality healthy food, and we know how to cook it, so it’s a total match. We also know how to surprise with a variety of flavors, create a friendly atmosphere and a sense of a place where you can be yourself,” the company’s website says.
Lviv Croissants founder Andriy Galytsky told the Forbes Entrepreneurs Forum that the company had been preparing for two years to enter the US market, while it took about five months to prepare for European markets. This is the third expansion of the Ukrainian chain abroad after Poland and Slovakia.
The co-owner and CEO of the American restaurant is a local entrepreneur, Brett Larrabee, whom Galitsky met at a franchise exhibition in New York in 2018. Larrabee has 37 years of experience in restaurant franchising, including the development of the American brands Five Guys, Famous Daves BBQ, Little Caesars, Subway, and Pancheros, Forbes reports.
Lviv Croissants is a Ukrainian international franchise restaurant chain founded in 2015. It specializes in making croissants and has 177 locations in Ukraine, 11 in Poland and 1 in Slovakia. It is part of the Fast Food Franchising Group.
Fast Food Franchising Group LLC was founded in 2015 in Lviv.
The company’s net loss in 2023 amounted to UAH 598.3 thousand compared to UAH 483 thousand of net profit a year earlier. Last year’s revenue increased by 55.1% to UAH 6.939 million, debt increased 9.7 times to UAH 188.9 thousand, while assets decreased by 19% to UAH 1.89 million.
The beneficiaries of the company are PE Firm Infobud, which owns 50% of the shares, Yevhen and Andriy Galitsky (20% each), and Yuriy Zagrodsky (10%).
Ukrainian restaurant chain Lviv Croissants has entered the US market, where together with a partner it invested $220 thousand in opening a bakery and production of frozen croissants in the suburbs of Atlanta, Georgia.
“Lviv Croissants is now in America! The first Lviv Croissants bakery in the United States is located in the suburbs of Atlanta, Georgia and is already receiving its first guests. Locals love quality healthy food, and we know how to cook it, so it’s a total match. And we also know how to surprise with a variety of flavors, create a friendly atmosphere and a sense of place where you can be yourself,” the company’s website says.
Lviv Croissants founder Andriy Galitsky told Forbes Entrepreneurs Forum that the company spent two years preparing to enter the U.S. market, while it took about five months to prepare to enter the European markets. This is the third expansion of the Ukrainian chain abroad after Poland and Slovakia.
The co-owner and CEO of the American restaurant is local entrepreneur Brett Larrabee, whom Galitsky met at a franchising expo in New York in 2018. Larrabee has been working in restaurant franchising for 37 years, notably developing the American brands Five Guys, Famous Daves BBQ, Little Caesars, Subway and Pancheros, Forbes writes.
Lviv Croissants is a Ukrainian international franchise restaurant chain founded in 2015. It specializes in making croissants, has 177 establishments in Ukraine, 11 in Poland and 1 in Slovakia. It is a part of Fast Food Franchising Group.
Fast Food Franchising Group LLC was founded in 2015 in Lviv.
The company’s net loss in 2023 amounted to UAH 598.3 thousand, compared to UAH 483 thousand net profit a year earlier. Income for last year increased by 55.1%, to UAH 6.939 million, debt obligations – by 9.7 times, to UAH 188.9 thousand, while assets decreased by 19%, to UAH 1.89 million.
Beneficiaries of the company are PE Firma Infobud, which owns 50% of shares, Eugene and Andrei Galitsky (20% each), as well as Yuri Zagrodsky (10%).
bakery opening, frozen croissants, Lviv Croissants, restaurant chain, US MARKET
In January-June of this year, the Ukrainian industrial company Interpipe increased supplies of Oil Country Tubular Goods (OCTG) to the United States due to a surge in activity in the oil and gas sector amid rising prices for hydrocarbons, First Deputy CEO of Interpipe Denys Morozov has said in an interview with Metal Expert publication.
According to him, this is a positive moment – American companies have resumed drilling, and now is the “right time” for Interpipe to increase supplies of threaded OCTG pipes, including premium and semi-premium products.
“We are actively engaged in its production and promotion. In the first half of 2021, Interpipe has already increased the supply of OCTG pipes to the United States. We expect that positive dynamics will continue in the second half of this year,” Morozov said.
At the same time, he pointed out a number of restrictions on the supply of pipes to the United States. Thus, the U.S. Department of Commerce intends to impose duties on seamless line pipes at a rate of 23.75%.
At the same time, he said that Interpipe continues supplies to the U.S. market, but in the future it will study their economic efficiency with the hope that new relations will be built with new U.S. President Joe Biden. Accordingly, Ukraine will be able to re-start negotiations on the abolition of section 232, which is a significant barrier to the growth of supplies.
The first deputy CEO added that last year the company took a number of steps to promote its products in the Middle East region, the goal is to get into the league of premium pipe suppliers.
“In the Middle East, we continue to implement our strategy aimed at expanding our presence, looking for new niches, customers and increasing supplies. This year we plan to complete prequalification from the Emirati giant ADNOC. In general, the Middle East is a region with traditionally stable oil production and stable pipe consumption. Therefore, it is only natural that we expect sales growth in both segments: both OCTG and line pipes,” Morozov said.
According to him, the main problem in the markets of the countries of Central Asia is great difficulties with financing projects, since local companies do not have enough money to implement all projects at once. Now, amid high oil prices, the financing situation has improved somewhat. Accordingly, pipe consumers in Uzbekistan, Turkmenistan and Azerbaijan resumed purchases. The positive dynamics is expected to continue in the second half of the year.
Concerning supplies to the EU, he said that at the moment it is impossible to increase sales to the EU countries due to quotas, despite the presence of deferred demand in this market. The company chooses the pipe quota allocated to Ukraine, but after its use the supplies stop. From time to time it is possible to use part of the other countries quota, but these are small amounts.
In Ukraine, Interpipe has completed several contracts for the supply of UPJ-M, UPJ-P and UPJ-F premium pipes for domestic private oil and gas companies. But the volume of drilling and consumption of OCTG pipes in the country increased insignificantly.
In 2021, the volume of supplies to the Ukrainian market did not decrease. Moreover, it is likely that even a slight increase will be recorded by the end of the year. But if we compare with the results of 2018-2019, then consumption has not yet returned to the pre-crisis level. For example, if in 2018 Ukrgazvydobuvannia purchased about 70,000 tonnes of threaded pipes, and half of them were of premium assortment, now the total consumption by this state-owned company is 20,000 tonnes.
“We hope that the current relatively high gas prices will stimulate oil and gas companies to increase the volume of drilling and consumption of our pipes. Perhaps, in the second half of the year we will see improvements, but so far these are only our forecasts,” Morozov said.
According to the expert, there is no significant growth in the machine-building segment either; consumption by machine-building companies is correlated with the growth / decline of the country’s GDP. Interpipe does not forecast any sharp surges until the end of the year, so the sales of machine-building pipes are likely to remain at last year’s level.
The market is expected to stabilize in the near future and the Novomoskovsk plant will resume normal operations. In turn, the company sold a record amount of steel billets to third customers this year.
