MONTREAL – Fast food operator MTY Food Group Inc. says it’s making its entry into casual dining in Canada with the $13-million acquisition of some of the assets of the companies that own and operate the Madisons New York Grill & Bar.
When the deal closes later this spring, Madisons is expected to have 14 franchised restaurants in Canada.
MTY Food Group (TSX:MTY) said casual dining has been strong in the last few years and is expected to continue in the future.
Sales for the Madisons chain were $40 million in 2013.
MTY Group is behind more than two dozen fast food brands including Mr. Sub, Sushi Shop and Vanellis.
The acquisition will be made via a new subsidiary that will be formed with MTY owning 90 per cent, while the other 10 per cent will be owned by the new vice president of the brand.