Business
MTY enters into an agreement to acquire South St. Burger
MTY enters into an agreement to acquire South St. Burger Canada NewsWire MONTREA...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY enters into an agreement to acquire South St. 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, Dec. 11, 2018\n\n\n\nMONTREAL, Dec. 11, 2018 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) announced today that one of its wholly-owned subsidiaries has signed an agreement to acquire the assets of South St. Burger (www.southstburger.com), a chain of gourmet burger restaurants.\nThe South St. Burger network currently has 26 franchised and 14 corporate restaurants in operation, most of which are located in Canada. The network has generated over $28 million in system sales in the last 12 months.  \nEric Lefebvre, CEO of MTY, said: \"MTY is proud to add another dynamic brand to its portfolio. South St. Burger has great growth potential for the future and will solidify MTY's presence in the gourmet burger market.\"\nThe transaction is anticipated to close within the next 90 days but remains subject to multiple conditions customary for a transaction of this nature. There is no assurance the transaction will be completed as described above, or at all, or that the anticipated closing date will materialize.\nFinancing\nTotal consideration for the transaction will be financed using MTY's cash on hand and existing credit facilities.\nNon‑IFRS Measures\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 pe...