MTY Food Group to buy quick service food and coffee outlets for $14.8M

MONTREAL – MTY Food Group Inc. (TSX:MTY) has signed an agreement to buy the group of companies that owns and operates the Cafe Depot, Sushi Man, Muffin Plus and Fabrika chains for $14.8 million.

The fast food franchise company says when the deal closes by Oct. 15, it is expected to include 102 stores, including 90 franchise-owned locations and 12 corporate locations.

All of the stores except one are in Quebec.

During the 2013, the locations being acquired generated approximately $42 million in sales.

MTY Food operates more than two dozen fast food banners, including Thai Express, Sushi Shop, Vanellis, Country Style and Mr. Souvlaki.

As a result of the deal, MTY will also acquire two buildings, one in Montreal and the other in nearby Laval that houses a Cafe Depot restaurant.