MTY Tiki Ming agrees to purchase Country Style Food Services
Published:15-April-2009
By Datamonitor staff writer
Expects to strengthen its position in the Ontario quick service franchise industry
MTY Food Group has announced that its wholly-owned subsidiary MTY Tiki Ming Enterprises has entered into a binding agreement to purchase all of the issued shares of Country Style Food Services Holdings from certain private arm's length vendors.
According to MTY Food Group, the closing is scheduled for May 1, 2009, subject to the completion of certain conditions. With the acquisition of Country Style, the company expects to strengthen its position in the Ontario quick service franchise industry.
This acquisition will further add to MTY's portfolio diversity with targeted 12 months system-wide sales of over $435m, with over 1,500 total outlets and 25 banners in operation.
Country Style is a quick service restaurant chain, which owns the intellectual property and franchising rights to the Country Style and BunsMaster operations.
There are presently 114 Country Style traditional stores, and 360 Country Style non-traditional outlets, as well as 16 BunsMaster retail stores, all of which are franchised outlets with the exception of four company owned Country Style traditional stores. System-wide sales for Country Style were approximately $94m for the last 12 months.
