Business
MTY enters into an agreement to acquire the assets of Timothy's World Coffee and Mmmuffins
MTY enters into an agreement to acquire the assets of Timothy's World Coffee and Mmmuffins...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY enters into an agreement to acquire the assets 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, Feb. 15, 2018\n\n\n\nMONTREAL, Feb. 15, 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 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, for an estimated consideration of $1.675 million.\n\nUnder the terms of the agreement, MTY will acquire the current 28 franchised and 7 corporately owned Timothy's locations in Canada, 2 licensed Timothy's locations in United States, 3 Mmmuffins and 2 co-branded franchised locations in Canada and the license to operate and franchise coffee shops under the tradename Timothy's which is owned by Keurig Canada. During the past 12 months, the Timothy's and Mmmuffins networks have generated sales of approximately $15.6 million.\n\nThe transaction is expected to close in April of 2018 and remains subject to multiple conditions, including standard regulatory approvals and other 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.\n\nMTY expects to move the Timothy's and Mmmuffins operations 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\", \"estimat...