MONTREAL -- MTY Food Group Inc. announced recently that pursuant to the announcement made on November 14, 2017, it has acquired the totality of the limited liability company interests in CB Franchise Systems, LLC ("The Counter Custom Burgers"), Built Franchise Systems, LLC ("Built Custom Burgers") and certain of their affiliates.
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The total consideration for the transaction is approximately US$24.6 million, including a US$0.9 million working capital adjustment which remains subject to post-closing adjustments. A total of US$22.3 million was paid on closing and US$2.3 million was retained as holdback on the transaction. The consideration paid on closing was paid in cash, financed from MTY's cash on hand.
At closing, the combined networks operate 41 franchised and 3 corporately-operated restaurants.
Mrs. April Fogle, under the leadership of Jeff Smit, will be leading The Counter Custom Burgers and Built Custom Burger operations following the closing of the transaction. MTY expects to move the operations of the two brands to its US headquarters in Scottsdale, Arizona.
SOURCE MTY Food Group Inc.
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