Business
MTY enters into an agreement to acquire the assets of Yuzu Sushi
MTY enters into an agreement to acquire the assets of Yuzu Sushi Canada NewsWire ...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY enters into an agreement to acquire the assets of Yuzu Sushi\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, June 6, 2019\n\n\n\nMONTREAL, June 6, 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 Yuzu Sushi (https://yuzusushi.ca/), a fast-growing chain of sushi restaurants.\nThe Yuzu Sushi network currently has 132 points of sale in operation, including 68 restaurant franchises, 30 franchised express counters, and 34 complementary grocery outlets. Yuzu Sushi operates mainly in Quebec and has a presence in New Brunswick. System sales totaled more than $40 million in the fiscal year ended December 31, 2018.\nEric Lefebvre, CEO of MTY, said, \"Yuzu Sushi is a young and dynamic brand with a network of committed franchise partners that are just as dynamic. Yuzu Sushi has a customer base that is passionate about gourmet sushi and new products and offers significant growth potential for future years.\"\nThe transaction should be finalized within the next 45 days but remains subject to several customary conditions 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.\nSteve Morency and Frédéric Matte, current owners of Yuzu Sushi, will remain at the helm of the brand, which will also retain its head office in Quebec City. \"We are very proud to have built a strong, successful network, filled with potential and growth opportunities. A network with a superb corporate culture where the human is considered first and in which pleasure is part of the DNA of this beautiful Quebec company \" says Steve Morency. Frederic Matte added \"100% of our team remains in place, which will assure the continued focus on the mission of Yuzu quality and the great values of this company; Quality, respect, customer focus, innovation, consistency and pleasure.\nFinancing\nTotal consideration for the...