Business
MTY enters into an agreement to acquire the assets of Houston Avenue Bar & Grill and Industria Pizzeria + Bar
MTY enters into an agreement to acquire the assets of Houston Avenue Bar & Grill and I...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY enters into an agreement to acquire the assets of Houston Avenue Bar & Grill and Industria Pizzeria + Bar\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\nMTY enters into an agreement to acquire the assets of Houston Avenue Bar & Grill and Industria Pizzeria + Bar\nCanada NewsWire\nMONTREAL, June 12, 2017\n\n\n\nTSX Trading Symbol: \"MTY\"\n\n\n\nMONTREAL, June 12, 2017 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) announced today that one of its subsidiaries has signed an agreement to acquire 80% of the assets of Houston Avenue Bar & Grill (\"Houston\") (http://www.houstonresto.com/) and Industria Pizzeria + Bar (\"Industria\") (http://industriapizzeria.com/en/).   \n\nThere are currently nine franchised Houston restaurants in operation and three franchised Industria restaurants in operation.  One restaurant is located in Ontario and eleven are located in Quebec. There are three new locations under construction that are set to open during 2017; one for Houston and two for Industria.  The combined networks of the two brands have generated approximately $38 million in sales during the last twelve months.\n\nStanley Ma, Chairman of the Board and Chief Executive Officer of MTY, said: \"This is another great addition to MTY's portfolio of brands.  Both brands are young and trendy, offer exceptional food and benefit from remarkable leadership.  The combination of great food and atmosphere makes the two brands' growth potential very tangible.\"\n\nRaimondo Messina, Chief Financial Officer of Houston and Industria, said: \"It was important for us to associate with a solid, experienced and reputable business partner.  In MTY, we found the ideal partner to grow the brands to the next level.  We believe both the franchisor and the franchisees will benefit immensely from the association.  Houston and Industria are more than brands, they are lifestyles\".  \n\nThe cash consideration paid at closing for the 80% acquired by MTY is expecte...