MONTREAL -- MTY Food Group Inc. recently announced that one of its wholly-owned subsidiaries has signed an agreement to acquire the assets of South St. Burger, a chain of gourmet burger restaurants.
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The South St. Burger network currently has 26 franchised and 14 corporate restaurants in operation, most of which are located in Canada. The network has generated over $28 million in system sales in the last 12 months.
Eric Lefebvre, CEO of MTY, said: "MTY is proud to add another dynamic brand to its portfolio. South St. Burger has great growth potential for the future and will solidify MTY's presence in the gourmet burger market."
The transaction is anticipated to close within the next 90 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.
Total consideration for the transaction will be financed using MTY's cash on hand and existing credit facilities.
SOURCE MTY Food Group Inc.
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