Canadian franchisor and quick-service restaurant operator MTY Food Group’s subsidiary has agreed to purchase the majority of bring-your-own-wine restaurant chain Casa Grecque’s assets.
The transaction value is expected to be at approximately $19.5m along with a projected $3m of inventory value. MTY Food will finance the total consideration for the transaction through cash on hand and existing credit facilities.
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Assets covered under the deal include a central kitchen, a distribution centre and some external customers.
Based in Canada, Casa Grecque currently operates 31 franchised restaurants across Quebec. The company reported more than $45m in system sales last year.
According to the company, the deal will strengthen MTY Food’s presence in casual dining, as well as complement the current offering in the bring-your-own-wine restaurant category.
The transaction is currently subject to several customary conditions and is expected to close before the end of this year.
Following the completion of the transaction, MTY Food will operate the Casa Grecque business from its current headquarters in Laval, Quebec.
Last month, the MTY Food Group agreed to purchase the assets of the sweetFrog Premium Frozen Yogurt franchise system for $35m.
Based in the US, sweetFrog currently operates 254 franchised locations and 78 corporate-owned locations globally. It offers soft-serve frozen yogurt, ice cream, gelato and sorbets.
