MONTREAL, Dec. 11, 2018 /CNW Telbec/ - MTY Food Group Inc.
("MTY" or the "Company") (TSX: MTY) announced today that
pursuant to the announcement made on October
31, 2018, one of its wholly-owned subsidiaries has acquired
substantially most of the assets of Casa Grecque
(www.casagrecque.ca).
The total consideration for the transaction is
approximately $22.35 million, subject to customary
post-closing adjustments. A total of approximately $20.91
million was paid on closing, financed from MTY's cash on hand
and existing credit facilities, while $0.19
million in net liabilities was assumed and $1.25 million was held back.
The Casa Grecque network currently has 31 franchised restaurants
in operation, all of which are located in Quebec, Canada. Assets acquired also include a
central kitchen and a distribution center that service the Casa
Grecque restaurants as well as some external customers.
The acquisition of Casa Grecque will solidify MTY's position in
casual dining and will complement the current offering in the
bring-your-own-wine category, family type of restaurant.
MTY will continue to run the Casa Grecque concept from its
current headquarters in Laval,
Quebec, under the leadership of Peter Mardakis.
Forward looking information
Certain information in this News Release constitutes
"forward-looking" information that involves known and unknown
risks, uncertainties, future expectations and other factors which
may cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking information. When used in this News Release, this
information may include words such as "anticipate", "estimate",
"may", "will", "expect", "believe", "plan" or variations of such
words and phrases, or by the use of words or phrases which state
that certain actions, events or results may, could, would, or might
occur or be achieved. This forward-looking information reflects
current expectations and assumptions regarding future events and
operating performance and speaks only as of the date of this News
Release. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information.
A description of additional assumptions used to develop such
forward-looking information and a description of additional risk
factors that may cause actual results to differ materially from
forward-looking information can be found in MTY's disclosure
documents on the SEDAR website at www.sedar.com. Readers are
further cautioned not to place undue reliance on forward-looking
information as there can be no assurance that the plans, intentions
or expectations upon which they are placed will
occur. Forward-looking information contained in this News
Release is expressly qualified by this cautionary
statement. Except as required by law, the Company assumes no
obligation to update or revise forward-looking information to
reflect new events or circumstances. Financial outlooks contained
in this News Release were approved by management of the Company on
December 10, 2018. The purpose
of this information is to provide a potential financial outlook of
the combined entity and this information may not be appropriate for
other purposes. Additional information is available in the
Company's Management Discussion and Analysis, which can be found on
SEDAR at www.sedar.com.
On Behalf of the Board of Directors of MTY Food Group
Inc.
_____________________________________
Eric Lefebvre, CEO
SOURCE MTY Food Group Inc.