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MTY completes the acquisition of South Street Burger
MTY completes the acquisition of South Street Burger Canada NewsWire MONTREAL, M...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY completes the acquisition of South Street Burger\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\n\nCanada NewsWire\nMONTREAL, March 21, 2019\n\n\n\nMONTREAL, March 21, 2019 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) announced today that pursuant to the announcement made on December 11, 2018, one of its wholly-owned subsidiaries has acquired substantially most of the assets of South Street Burger (www.southstburger.com)\nThe total consideration for the transaction is approximately $5.1 million, subject to customary post-closing adjustments. A total of approximately $4.1 million was paid on closing, financed from MTY's cash on hand and existing credit facilities, while $0.2 million in net liabilities was assumed and $0.8 million was held back.\nThe South Street Burger network currently has 24 franchised restaurants and 13 corporate restaurants in operation, one of which is located in Dubai, UAE and all other restaurants are located in Canada.  \nThe acquisition of South Street Burger will solidify MTY's position in the fast casual restaurants segment and will complement the company's current offering in the gourmet burger category.\nMTY intends to relocate the operations of South Street Burger to its Ontario offices located in Richmond Hill and Oakville, under the leadership of Bruce Miller.\nForward looking information\nCertain information in this News Release constitutes \"forward-looking\" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.  When used in this News Release, this information may include words such as \"anticipate\", \"estimate\", \"may\", \"will\", \"expect\", \"believe\", \"plan\" or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, co...