Business
MTY completes the acquisition of Baja Fresh Mexican Grill and La Salsa Fresh Mexican Grill
MTY completes the acquisition of Baja Fresh Mexican Grill and La Salsa Fresh Mexican Grill...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY completes the acquisition of Baja Fresh Mexican Grill and La Salsa Fresh Mexican Grill\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMTY completes the acquisition of Baja Fresh Mexican Grill and La Salsa Fresh Mexican Grill\nCanada NewsWire\nMONTREAL, Oct. 5, 2016\n\n\n\nTSX Trading Symbol: \"MTY\"\n\n\n\nMONTREAL, Oct. 5, 2016 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) announced today that pursuant to the announcement made on September 9, 2016, that one of its wholly-owned subsidiaries has acquired all of the equity interest of BF Acquisition Holdings, LLC. (\"BFAH\") (www.bajafresh.com and www.lasalsa.com). \n\nThe total consideration for the transaction is approximately US$27.0 million paid in cash at closing, financed using MTY's existing credit facilities.\n\nAt closing, BFAH operates 160 Baja Fresh Mexican Grill and 23 La Salsa Fresh Mexican Grill restaurants, generating annual system sales of approximately US $145 million. Of the 183 restaurants in operations, 16 are corporately-owned and 167 are franchised.\n\nWithin the next 30 days, BFAH's head office will be moved in MTY's office in Scottsdale, Arizona. \n\nNon‑IFRS Measures\n\nThis News Release makes reference to certain non‑IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective.  Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses non-IFRS measures including \"System Sales\" to provide investors with supplemental measures of its operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS fin...