Business
MTY completes the acquisition of Timothy's World Coffee and Mmmuffins
MTY completes the acquisition of Timothy's World Coffee and Mmmuffins Canada NewsW...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY completes the acquisition of Timothy's World Coffee and Mmmuffins\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, April 5, 2018\n\n\n\nMONTREAL, April 5, 2018 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) announced today that pursuant to the announcement made on February 15, 2018, it has acquired the assets of Timothy's World Coffee (\"Timothy's) (www.timothyscafes.com) and Mmmuffins (www.mmmuffins.com), from Threecaf Brands, Canada, Inc., a subsidiary of Le Duff America.\n\nThe total consideration for the transaction is approximately $1.7 million, of which $1.2 million was paid on closing while $0.3 million was retained as holdback on the transaction and $0.2 million in net liabilities was assumed.  The consideration paid on closing was financed from MTY's cash on hand.\n\nAt closing, the combined networks operate 32 franchised and 7 corporately-operated locations.\n\nMr. Jason Brading will be leading the Timothy's World Coffee and Mmmuffins operations following the closing of the transaction.  MTY expects to move the operations of the two brands to its office located in Richmond Hill, Ontario.\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 certain actions, events or results may, could, would, or might occur or be achieved.  This forward-looking information reflects current expectations and assumptions regarding future events and operating performance and s...