Business
MTY Enters into an Agreement to Acquire the Assets of Küto Comptoir à Tartares
MTY Enters into an Agreement to Acquire the Assets of Küto Comptoir à Tartares ...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n \n \n \n MTY Enters into an Agreement to Acquire the Assets of Küto Comptoir à Tartares\n \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 Canada NewsWire\n \n \n \n \n \n MONTREAL\n \n ,\n \n Oct. 18, 2021\n \n /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 Küto Comptoir à Tartares (\n \n www.kuto.ca\n \n ), a rapidly growing tartare restaurant chain.\n \n \n The Küto network currently has 31 restaurants in operation, all franchised and all in the province of\n \n Quebec\n \n . Thirteen of these locations have opened in the past 12 months. On an annualized basis, the network's system sales is between\n \n $20 million\n \n and\n \n $25 million\n \n .\n \n \n \n Eric Lefebvre\n \n , CEO of MTY, said: \"Küto is a young innovative brand that stands out for the quality of its products. It relies on a network of committed franchise partners who are just as dynamic. Küto benefits from a loyal customer base who are passionate about high-end tartares and novelty menu items. It offers significant growth potential for the years to come.\"\n \n \n The transaction is expected to be finalized within the next 30 days but remains subject to several conditions customary for a transaction of this nature. There can be no assurance that the transaction will be completed as described above, or that the expected closing date will materialize.\n \n \n \n Jean-Michel Paquet\n \n , current owner of Küto, will remain at the helm of the brand, which will also keep its head office and central kitchen in\n \n Delson, Quebec\n \n . \"I am very proud to have built a strong, successful network, filled with potential and opportunities for growth. A network made up of proud, passionate and enthusiastic colleagues and franchise partners where human values are respected and where the pleasure of eating is the priority \", testifies Mr. Paquet. \"100% of our team remains in place, which will keep the focus on Küto's q...