MTY completes the acquisition of The Works Gourmet Burger Bistro
MONTREAL, June 9, 2017 – MTY Food Group Inc. (“MTY” or the “Company”) (TSX: MTY) announced today that pursuant to the announcement made on May 8, 2017, it has acquired all the assets of The Works Gourmet Burger Bistro (www.worksburger.com).
The total consideration for the transaction is approximately $8.0 million, of which $6.9 million was paid on closing, $0.8 million was retained as holdback on the transaction and $0.3 in net liabilities were assumed. The consideration paid on closing was paid in cash, financed from MTY’s cash on hand.
At closing, The Works network operates 23 franchised and 4 corporate restaurants. One restaurant is under construction at closing, in North London, Ontario. In the last twelve months, the network has generated approximately $35 million in sales.
Stanley Ma, Chairman of the Board and Chief Executive Officer of MTY, said: “MTY is proud to add another young and dynamic brand to its portfolio. The Works has great growth potential for the future and will solidify MTY’s presence in the gourmet burger market.”
Mr. Bruce Miller will continue to lead the brand from The Works’ current offices in Oakville, Ontario.
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