Multi-unit franchisee Philippe-Antoine Defoy signed a master franchise agreement with iCryo that gives him the territory development rights throughout Canada.
Canadian entrepreneur Philippe-Antoine Defoy has found a neat way of combining his business interests with his personal passions. The multi-unit franchisee develops health and wellness concepts he uses to improve his athletic performance while easing the aches and pains of strenuous training.
Defoy did just that when he signed a master franchise agreement with iCryo this summer. The deal with the recovery and wellness brand gives Defoy the territory development rights throughout Canada, where he plans to open 50 iCryo locations over the next seven years. The agreement is iCryo’s first venture outside the United States and diversifies Defoy’s portfolio of health and wellness brands.
“This is really exciting for me because iCryo is a great addition for both my business and for my lifestyle. It really is the perfect combination for me,” said Defoy, franchise owner of 27 Popeye’s Supplements stores, a top discount retailer of sports nutrition supplements in Canada, with his locations spread across Quebec City, New Brunswick and Nova Scotia.
Over the course of 16 years working with the supplement brand, Defoy has taken on an executive role with the Canadian company, helping develop the Popeye’s brand image and its franchise expansion strategy.
Just weeks after signing his agreement, Defoy opened his first iCryo location on July 28 in Brossard, Quebec, a suburb of Montreal. The store is in the same building where his offices are located and will also serve as iCryo’s Canadian headquarters. The 3,500-square-foot Brossard iCryo location is about 1,000 square feet larger than a typical iCryo location, said Defoy, to allow his company room to host introductory meetings and train future franchisees.
Defoy plans to open two more iCryo locations in the same area by 2024.
Kyle Jones, co-founder of iCryo and chief innovation and branding officer
Kyle Jones, co-founder of iCryo and chief innovation and branding officer, said iCryo was impressed by Defoy’s passion for the health and wellness space along with his company’s operational strength and financial bandwidth.
“It really starts with the passion, and Phil certainly has that passion,” Jones said. “He’s a very impressive franchisee and checks off all the boxes for us, which include having solid core values.”
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iCryo offers cryotherapy treatment that involves exposing the body to extremely cold temperatures for a short period of time, which the company says can help reduce inflammation, improve athletic performance and promote overall well-being. The cost of iCryo sessions, which can vary depending on several factors, including location, duration of the session, and any additional services included, on average can range from $50 to $100 for a single session.
Building off iCryo’s current roster of 34 locations in 13 states, the master agreement with Defoy in Canada is set to grow the brand by more than 15 percent. Jones said his company is scheduled to open 30 more locations in the U.S. and increase its unit count close to 300 in North America in the next few years.
“One of Phil’s strengths is that he has developed good relationships overseas, especially in the Middle East, so we’ll be looking to him to help us make those connections, expand in those markets and become an important partner for us,” said Jones, who pointed out iCryo is also looking at breaking into number of European and Asian countries in the coming years.
iCryo offers cryotherapy treatment that involves exposing the body to extremely cold temperatures for a short period of time, which the company says can help reduce inflammation, improve athletic performance and promote overall well-being.
Defoy, an avid snowboarder and cyclist who said he devotes much of his life to training and exercise when not working, said he first encountered iCryo during a trip to Fort Lauderdale, Florida. Driven by curiosity about a brand he had heard mentioned on podcasts, he visited to experience a full day of cryotherapy, red light therapy and compression treatments. He said he was so impressed he began to travel from his home country of Canada to visit several other U.S. iCryo locations.
“I tried all their treatments, including IV infusions, and they all worked really well for me. I’m a big believer in their product and what they offer, and I’m very excited to be a part of this brand now and bring it to Canada,” Defoy said.
The total initial investment range for an iCryo franchise starts at $285,400 and goes to $597,800, with a franchise fee of $39,000, according to its franchise disclosure document.
Houston-based iCryo’s current roster includes 34 locations in 13 states. The company is scheduled to open 30 more locations in the U.S. in 2023, and increase its unit count close to 300 in North America in the next few years.