Business
MTY enters into an agreement to acquire the majority interest in Turtle Jack's Muskoka Grill, COOP Wicked Chicken and Frat's Cucina
MTY enters into an agreement to acquire the majority interest in Turtle Jack's Muskoka Gri...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY enters into an agreement to acquire the majority interest in Turtle Jack's Muskoka Grill, COOP Wicked Chicken and Frat's Cucina\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, Oct. 2, 2019\n\n\n\nMONTREAL, Oct. 2, 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 a 70% interest in Turtle's Jack's Muskoka Grill (https://turtlejacks.com/), COOP Wicked Chicken (http://thecoop.ca/) and Frat's Cucina (https://frats.ca/) (together \"Tortoise Group\"), three casual dining concepts operating in the province of Ontario.\nThere are currently 19 franchised Turtle Jack's restaurants in operation. The two COOP Wicked Chicken and the Frat's Cucina restaurants are company-owned, both concepts being in their incubation period. The 22 combined restaurants of the network have generated over $61 million in sales during the last 12 months.\nEric Lefebvre, CEO of MTY, said: \"It is a rare occasion to have the opportunity to join forces with an established brand and two up and coming brands all at the same time. We are delighted with the potential of our alliance with the brands, the franchise community and the current owners of the three concepts, who will both stay on board as partners in the venture.\"\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 current owners of Tortoise Group, Jim and Clark Lishman, will be staying with MTY. The head office will stay in its current location, in Burlington, Ontario.\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,...