Business
MTY completes the acquisition of The Counter Custom Burgers and Built Custom Burgers
MTY completes the acquisition of The Counter Custom Burgers and Built Custom Burgers ...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY completes the acquisition of The Counter Custom Burgers and Built Custom Burgers\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.prntar{\nTEXT-ALIGN: RIGHT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Dec. 1, 2017\n\n\n\nTSX Trading Symbol: \"MTY\"\n\n\n\nMONTREAL, Dec. 1, 2017 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) announced today that pursuant to the announcement made on November 14, 2017, it has acquired the totality of the limited liability company interests in CB Franchise Systems, LLC (\"The Counter\") (www.TheCounter.com), Built Franchise Systems, LLC (\"Built\") (www.BuiltCustomBurgers.com) and certain of their affiliates. \n\nThe total consideration for the transaction is approximately US$24.6 million, including a US$0.9 million working capital adjustment which remains subject to post-closing adjustments. A total of US$22.3 million was paid on closing and US$2.3 million was retained as holdback on the transaction. The consideration paid on closing was paid in cash, financed from MTY's cash on hand.\n\nAt closing, the combined networks operate 41 franchised and 3 corporately-operated restaurants.\n\nMrs. April Fogle, under the leadership of Jeff Smit, will be leading the The Counter and Built operations following the closing of the transaction. MTY expects to move the operations of the two brands to its US headquarters in Scottsdale, Arizona.\n\nForward looking information\n\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...