MTY Food Group Inc., Canada, and Imvescor Restaurant Group Inc., also based in Canada, entered into a definitive combination agreement under which a wholly owned subsidiary of MTY will acquire all outstanding Imvescor common shares to create a multi-brand industry leader with a portfolio of over 5,700 stores under 75 brands and approximately $2.9 billion in system sales.
"Joining forces with MTY creates an opportunity for Imvescor shareholders to realize immediate value and participate in a faster pace of growth with less risk,” says François-Xavier Seigneur, chairman of the board of directors of Imvescor. “Today’s transaction fully recognizes the value of our portfolio of restaurant brands and rewards investors for their patience, as we have successfully executed our turnaround strategy. We urge shareholders to join us as owners of a stronger, more diversified company with an established track record of value creation and an exciting future ahead.”
“This is an important day in the history of MTY, as we add many great brands to MTY’s existing portfolio,” adds Stanley Ma, chairman of the board of directors, president and CEO of MTY. “The combination of the two companies’ portfolios and expertise will produce tremendous opportunities for North American growth. Further, Imvescor’s suite of full-service restaurants will be highly complementary to our existing business and is expected to enable significant top-line synergies for our existing full-service restaurant brands as well as for the newly acquired brands. Imvescor’s expertise for retail operations combined with MTY significant range of products is expected to produce great opportunities in the future.”
“This is the natural next step for our company,” says Frank Hennessey, chief executive officer of Imvescor. “In an increasingly competitive operating environment, we will be better positioned to invest in our brands and our people as part of a combined company with expanded resources and reach. The transaction offers shareholders, franchisees, employees and other stakeholders of both companies a significant opportunity for value creation.”