- MTY Food Group (MTY) has agreed to acquire all of the issued and outstanding common shares of BBQ Holdings
- BBQ Holdings shareholders will receive US$17.25 per share, representing a total transaction value of about US$200 million (C$257 million)
- The boards of directors of both companies unanimously approved the terms and conditions of the merger agreement
- When the transaction is completed, BBQ Holdings will become a subsidiary of MTY and the shares of BBQ Holdings will be de-listed from NASDAQ
- MTY is a leading franchisor in the North American restaurant industry
- MTY Food Group Inc. opened trading at $58.37 per share
MTY Food Group (MTY) has agreed to acquire all of the issued and outstanding common shares of BBQ Holdings.
BBQ Holdings shareholders will receive US$17.25 per share, representing a total transaction value of about US$200 million (C$257 million), including BBQ Holdings’ net debt.
The boards of directors of both companies unanimously approved the terms and conditions of the merger agreement.
When the transaction is completed, BBQ Holdings will become a subsidiary of MTY and the shares of BBQ Holdings will be de-listed from NASDAQ.
BBQ Holdings is a franchisor and operator of casual and fast casual dining restaurants across 37 states in the U.S., Canada, and United Arab Emirates.
Its flagship restaurant brands operate under the “Famous Dave’s”, “Village Inn”, “Barrio Queen”, and “Granite City”, banners.
BBQ Holdings currently operates over 200 franchised and over 100 corporate-owned restaurants.
MTY is a leading franchisor in the North American restaurant industry. As of May 31, 2022, its network had 6,660 locations in operation, 99 per cent of which are franchised.
The company established its presence in the U.S. with the acquisition of Kahala Brands in July 2016 and has since continued to grow its footprint in the country through new restaurant openings and acquisitions.
With this transaction, MTY will add leading restaurant brands to its network which will reach a total of approximately 7,000 locations, including over 3,900 in the United States.
“This transaction represents another key acquisition for MTY as we further scale and enhance our existing U.S. portfolio through the addition of nine unique brands,” noted Eric Lefebvre, Chief Executive Officer of MTY.
“We are thrilled to partner with MTY and its talented team of restaurant operators, and with more than 80 brands, MTY brings vast buying power and a team of industry leaders who will provide additional support to our franchise partners,” stated Jeff Crivello, Chief Executive Officer of BBQ Holdings.
MTY Food Group Inc. opened trading at $58.37 per share.
