Montreal-based MTY Food Group has announced that it will be expanding outside of the shopping mall food court industry with the acquisition of Imvescor Restaurant Group in a deal worth $248mn.
Within the merger, MTY will acquire a number of brands from Imvescor including Pizza Delight, Ben & Florentine and Scores.
“This is an important day in the history of MTY as we add many greater brands to MTY’s existing portfolio,” said Stanley Ma, Chairman, President and CEO, MTY. “The combination of two companies’ portfolios and expertise will produce tremendous opportunities for North America growth.”
The offer consists of 20% cash and 80% MTY, with the $248mn sum equating to a 13.3% premium on Imvescor’s unaffected share price.
“Joining forces with MTY creates and opportunity for Imvescor shareholders to realise immediate value and participate in a faster pace of growth, with less risk,” François-Xavier Seigneru said, Chairman of the Board, Imvescor. “Today’s transaction fully recognises the value of our portfolio of restaurant brands and rewards investors for their patience as we have successfully executed our turnaround strategy.”
The deal is expected to complete in the first half of 2018.