(Montreal) The MTY Food Group confirmed on Tuesday its acquisition of BBQ Holdings for an amount of 200 million US, the equivalent of 257 million CAD.
Posted at 8:44 p.m.
The Montreal franchisor, which operates chains like Baton Rouge, Big Smoke Burger and Manchu Wok, purchased all of the issued and outstanding common shares of BBQ Holdings in a cash transaction for US$17.25 per share.
BBQ Holdings operates casual dining establishments in 37 states in the United States, Canada and the United Arab Emirates. Its flagship brands are operated under the Famous Dave’s, Village Inn, Barrio Queen and Granite City banners.
As of August 8, 2022, BBQ Holdings operated over 200 franchise restaurants and owned over 100 corporate restaurants. For fiscal year 2022 ending on 1er January 2023, the company is expected to generate sales between 685 million and 725 million US.
MTY explains that as a result of this merger, BBQ Holdings will become a wholly owned subsidiary of MTY and its common stock will cease to be listed on NASDAQ.
MTY’s network will reach approximately 7,000 locations, including more than 3,900 in the United States.