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March 22, 2019updated 25 Mar 2019 2:27pm

MTY Food Group completes acquisition of South Street Burger

A subsidiary of Canadian franchisor and operator of multiple concepts of restaurants MTY Food Group has acquired substantially most of the assets of South Street Burger for approximately $5.1m.

A subsidiary of Canadian franchisor and operator of multiple concepts of restaurants MTY Food Group has acquired substantially most of the assets of South Street Burger for approximately $5.1m.

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Signed in December last year, the deal is expected to strengthen MTY’s position in the fast casual restaurants segment, as well as complement its current offering in the gourmet burger category.

Of the total consideration, the company paid approximately $4.1m on closing, financed from MTY’s cash on hand and existing credit facilities, assumed $0.2m in net liabilities, and held back $0.8m.

South Street Burger currently operates 24 franchised restaurants and 13 corporate restaurants including one location in Dubai, UAE.

“MTY is proud to add another dynamic brand to its portfolio.”

During the singing of the deal, MTY Food Group CEO Eric Lefebvre said: “MTY is proud to add another dynamic brand to its portfolio. South St. Burger has great growth potential for the future and will solidify MTY’s presence in the gourmet burger market.”

MTY will relocate the operations of South Street Burger to its Ontario offices in Richmond Hill and Oakville. MTY’s subsidiary The Works Gourmet Burger Bistro president and CEO Bruce Miller will the business.

In December last year, MTY Food Group completed the $22.35m acquisition of bring-your-own-wine restaurant chain Casa Grecque’s assets through its subsidiary.

Nearly $20.91m of the total consideration was paid by the company on closing and assumed $0.19m in net liabilities. It held back $1.25m.

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How is technology having an impact on Consumer buying behavior?

As the world rapidly becomes more connected, it is important for brands to understand the impact that improved technology is having on consumer purchasing behaviors. To react effectively, brands must know how to engage with increasingly digitally savvy consumers. GlobalData’s latest Trend Tracker report provides an analysis of Digital Lifestyles – one of GlobalData's top consumer trends for 2022. The report includes an overview of how digital lifestyles are evolving, including the significant impact that the COVID-19 pandemic had on accelerating digitalization, and how this trend is emerging across different Consumer sectors. Key features included in the report:
  • A breakdown of the trend’s prominence across sectors
  • Insights into consumer online penetration, preferred electronic devices and engagement
  • The key drivers and challenges impacting the digital lifestyles trend
  • A spotlight on key innovations set to reshape the consumer landscape
  • Analysis of what’s next for digital innovations and how brands can leverage the trend
Download this report to keep in touch with the more digital consumer.
by GlobalData
Enter your details here to receive your free Report.

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