Printer Friendly

Meritage to Acquire 57 Wendy's Quick Service Restaurants in US.


12 December 2017 - Michigan, US-based restaurant operator Meritage Hospitality Group Inc. (OTCQX: MHGU) has acquired 57 US-based quick service restaurants in the Wendy's franchise system located in a five-state area, the company said.

Terms of the transaction were not disclosed.

Meritage acquired two Wendy's restaurants in Virginia, US and entered into three independent definitive asset purchase agreements to acquire a total of 55 Wendy's restaurants located in the Eastern and Midwestern US.

Meritage expects the 57 restaurants to add over USD 100m in annual sales and be accretive to earnings going forward. The transactions are subject to customary due diligence and standard approvals with closings scheduled to be completed during 1Q18.

Meritage said the transactions are consistent with its growth plans and investment strategy of profitable growth within the Wendy's franchise system.

Upon closing, Meritage said it intends to integrate each of these Wendy's restaurants into its web-based operating and accounting platform, followed by an extensive remodeling program designed to modernise the Wendy's restaurants and enhance the overall guest experience.

Meritage Hospitality Group has 253 restaurants in operation in the US and operates with a workforce of approximately 7,700 employees. The company has approximately 6.1m.

Country: USA

Sector: Hotels/Restaurants/Casinos/Catering

Target: 57 US quick service restaurants in the Wendy's franchise system

Buyer: Meritage Hospitality Group


Deal size in USD:

Type: Corporate Acquisition


Status: Agreed

Buyer advisor: , ,

Comment: Terms of the deal were not disclosed

COPYRIGHT 2017 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Date:Dec 12, 2017
Previous Article:Shineco to Acquire Western Xinjiang Tiansheng in Deal Valued at RMB 23m.
Next Article:Listen Technologies Acquires ExXothermic's Audio Everywhere to Expand Assistive Listening Solutions.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters