The Company established its presence in the U.S. As of May 31, 2022, its network had 6,660 locations in operation, 99% of which are franchised. MTY is a leading franchisor in the North American restaurant industry. For the 2022 fiscal year ending January 1, 2023, and as publicly disclosed by BBQ Holdings, the company is expected to generate twelve-month run-rate system sales and cash EBITDA between US$685M to US$725M and US$25.5M and US$27.5M, respectively. As of August 9, 2022, BBQ Holdings operates over 200 franchised and over 100 corporate-owned restaurants. Its flagship restaurant brands operate under the “Famous Dave’s”, “Village Inn”, “Barrio Queen”, and “Granite City”, banners. Upon completion of the Transaction, BBQ Holdings will become a subsidiary of MTY and the shares of BBQ Holdings will be de-listed from NASDAQ.īBQ Holdings is a franchisor and operator of casual and fast casual dining restaurants across 37 states in the U.S., Canada, and United Arab Emirates. The Transaction is subject to customary closing conditions including receipt of applicable regulatory approvals. The terms and conditions of the Merger Agreement were unanimously approved by the Boards of Directors of both companies. (“BBQ Holdings”) (NASDAQ:BBQ) today announced they have entered into a definitive merger agreement (the “Merger Agreement”) under which MTY would acquire all of the issued and outstanding common shares of BBQ Holdings for cash consideration of US$17.25 per BBQ Holdings share representing total transaction value of approximately US$200 million (C$257 million) (the “Transaction”), including BBQ Holdings’ net debt.
(“MTY” or the “Company”) (TSX:MTY) and BBQ Holdings, Inc. 09, 2022 (GLOBE NEWSWIRE) - MONTREAL , August 9 th, 2022 - MTY Food Group Inc.
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