MTY Food Group, a franchisor and operator of quick service restaurants, has announced that its wholly-owned subsidiary MTY Tiki Ming Enterprises has entered into an agreement to buy most of the assets of Gestion SushiGo – Sesame in a deal worth $1.05m.
The acquisition includes three franchised stores and two corporately-owned stores in the Ottawa/Gatineau region.
The acquisition, which is in line with MTY's strategy to acquire profitable chains that strengthen the company's market share in the quick service food industry, will be funded from MTY's cash on hand.
MTY Food Group CEO Stanley Ma said that the acquired stores occupy strategic locations in which the Company does not currently have a strong presence, and as such, this acquisition is a great strategic fit into our portfolio.
"Subsequent to this acquisition, our footprint on the sushi market is going to be more complete in western Quebec and eastern Ontario."
The transaction is expected to close on or before 1 June 2013, subject to standard regulatory approvals and closing conditions.
