Advertisement

MTY Food Group takes on new Mr. Souvlakis in $1 million asset acquisition

MONTREAL – MTY Food Group Inc. (TSX: MTY) is adding Mr. Souvlaki to its menu.

The Montreal-based franchisor’s wholly-owned subsidiary MTY Tiki Ming Enterprises Inc. forked over $1 million to acquire most of the assets of Mr. Souvlaki Ltd. in an agreement set to close by September, pending regulatory approvals and closing conditions.

The acquisition will include thirteen stores in Ontario and one in British Columbia.

Financial news and insights delivered to your email every Saturday.
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

During its last fiscal period, the network of Greek restaurants generated system sales of approximately $4.4 million in Canada, MTY said in a statement.

“The acquisition of Mr. Souvlaki enables the company to strengthen its presence in a segment of the quick service food industry in which it was not yet present outside of the province of Quebec,” MTY said.

“The transaction is in line with the company strategy to acquire profitable chains that diversify the company’s range of offering and strengthen the company’s market share in the quick service food industry.

Story continues below advertisement

The Montreal-based company operates more than 2,220 quick service restaurants under banners such as Thai Express, Yogen Fruz, Country Style, Mr. Sub, Au Vieux Duluth Express and many others.

MTY shares closed at $18.45 up 15 cents or 0.82 per cent Thursday on the Toronto Stock Exchange.

Sponsored content

AdChoices