MONTREAL — Imvescor Restaurant Group Inc. (IRG) has entered into a binding agreement to acquire Ben & Florentine in a deal worth approximately $17.7 million. The breakfast and lunch franchisor currently has more than 40 locations across Quebec, Ontario and Manitoba.
“We are excited by the Ben & Florentine acquisition, which complements IRG’s existing brands and consolidates IRG’s solid position in Quebec,” says Frank Hennessey, president and CEO of IRG. “This acquisition of a homegrown Quebec business is consistent with our strategic-acquisition strategy to act upon attractive opportunities, complements our strategic plan initiated in 2015 and is an example of acquisitions we intend to continue to pursue.”
Lorne Cassoff, the founder and president of Ben & Florentine will continue to lead the brand and will join IRG’s executive team. “I’m proud of the great organization we have built since 2009 with our franchisee partners by delivering authenticity and transparency to our customers every single day,” says Cassoff. “We intend to pursue our growth strategy for the brand and we look forward to joining the Imvescor family with the many new opportunities this acquisition will provide for all stakeholders.”
The acquisition, which is expected to close in the first quarter of 2017, is subject to certain customary closing conditions and purchase price adjustments.