MTY Food to buy 70% interest in three casual dining chains

4th October 2019 (Last Updated October 4th, 2019 12:18)

Canadian franchiser and operator of multiple concepts of restaurants MTY Food Group, through its wholly owned subsidiary, has agreed to purchase Tortoise Group in Ontario.

Canadian franchiser and operator of multiple concepts of restaurants MTY Food Group, through its wholly owned subsidiary, has agreed to purchase Tortoise Group in Ontario.

Tortoise Group comprises of three casual dining chains including Turtle’s Jack’s Muskoka Grill, Coop Wicked Chicken, and Frat’s Cucina.

The group currently has a combined network of 22 restaurants, including 19 franchised Turtle Jack’s locations, two Coop Wicked Chicken and one Frat’s Cucina restaurants.

The three restaurant chains have generated combined sales of more than $61m last year.

MTY Food Group CEO Eric Lefebvre said: “It is a rare occasion to have the opportunity to join forces with an established brand and two up and coming brands all at the same time.

“We are delighted with the potential of our alliance with the brands, the franchise community and the current owners of the three concepts, who will both stay on board as partners in the venture.”

The Canadian firm expects to close the transaction, which is currently subject to multiple conditions customary, within the next 45 days.

The company will finance the total consideration for the transaction through cash on hand and existing credit facilities.

Following the completion of the acquisition, Tortoise Group owners Jim Lishman and Clark Lishman will remain with the company.

MTY will operate the group from its current headquarters in Burlington, Ontario.

The Canadian franchisor agreed to acquire sushi restaurant chain Yuzu Sushi through its wholly owned subsidiary in June.

During this May, MTY also acquired all of the issued and outstanding shares of Papa Murphy’s Holdings for approximately $190m.