Business
MTY Food Group Inc. enters into an agreement to acquire The Counter Custom Burgers and Built Custom Burgers
MTY Food Group Inc. enters into an agreement to acquire The Counter Custom Burgers and Bui...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY Food Group Inc. enters into an agreement to acquire The Counter Custom Burgers and Built Custom Burgers\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\n\nCanada NewsWire\nMONTREAL, Nov. 14, 2017\n\n\n\nTSX Trading Symbol: \"MTY\"\n\n\n\nMONTREAL, Nov. 14, 2017 /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 all of the limited liability company interests in CB Franchise Systems, LLC (\"The Counter\") (www.TheCounter.com), Built Franchise Systems, LLC (\"Built\") (www.BuiltCustomBurgers.com) and certain of their affiliates.\n\nStanley Ma, Chairman of the Board and Chief Executive Officer of MTY, said: \"Since the acquisition of Kahala Brands in July 2016, MTY has been seeking potential additions to its strong portfolio of brands.  The Counter and Built fit that perfectly, offering trendy hamburgers and other craveable foods to uncompromising customers, focusing on superior quality and spot-on execution, creating memorable experiences for its guests.\"\n\nTransaction and rationale\n\nThe Counter and Built networks currently combine for 41 franchised locations and 3 corporate-owned locations. Of those 44 restaurants, 34 are located in the United States, one is located in Canada and nine are located overseas. In the last 12 months, the combined networks generated over US$81 million in system sales.\n\nThe acquisition of The Counter and Built represents another major milestone for MTY as it solidifies its presence in the United States and confirms MTY's appetite for good quality acquisition opportunities.\n\nFollowing the closing of the transaction, the head office of The Counter and Built will be moved from its current location in Culver City, California to MTY's office in Scottsdale, Arizona. \n\nConditions and regulatory approvals\n\nThe agreement is binding but remains subject to multiple closing conditions customary for a transaction of this nature.\n\nFinancing\n\nTotal consideration for the transact...