Business
MTY enters into an agreement to acquire the assets of Allô! Mon Coco
MTY enters into an agreement to acquire the assets of Allô! Mon Coco Canada N...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY enters into an agreement to acquire the assets of Allô! Mon Coco\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 30, 2019\n\n\n\nMONTREAL, April 30, 2019 /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 Allô! Mon Coco (https://allomoncoco.com/amc/), a rapidly growing chain of gourmet breakfast and lunch restaurants.\nThe Allô! Mon Coco network currently has 39 franchised restaurants in operation, 38 of which are located in the province of Quebec and 1 in the Province of Ontario. The network has generated approximately $57 million in system sales in the last 12 months.  \nEric Lefebvre, CEO of MTY, said: \"MTY is very excited to have the opportunity to add another young, dynamic and distinctive breakfast chain to its portfolio. Allô! Mon Coco has had great success in the past and it has a great potential for further growth in the future.\"\nThe transaction is anticipated to close within the next 45 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.\nThe assets acquired include the trademark for the world except the USA. As part of the agreement, MTY obtains a right of first refusal should the owners of the trademark for the USA decide to dispose of it in the future.\nThe current President of Allô! Mon Coco, Tom Bountis, will be staying with MTY for a period of at least 12 months.  \nMr. Billy Vourakis and Mr. Robert Brumer acted as agents for the owners of Allô! Mon Coco.\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 standar...