MONCTON, N.B. – The Imvescor Restaurant Group (IRG) is the new name for the PDM Royalties Income Fund with privately-held Imvescor Inc. — formerly known as Pizza Delight Corporation Ltd. and founded in 1969 by Bernard Imbeault. The combination transaction between PDM Royalties Income Fund, 7209835 Canada Inc., Imvescor Inc., Imvescor Restaurants Inc. and Imvescor’s two shareholders, General Financial Corporation Ltd. and Delighted Guests Ltd., was signed Oct. 10.
Imvescor Restaurant Group shares opened for trading on the Toronto Stock Exchange under the stock symbol IRG on Oct. 16. The new company has appointed Bernard Imbeault, founder of Imvescor, as founding chair emeritus of the board. Ron Magruder, formerly CEO of Imvescor, has been appointed IRG’s CEO and William R. Lane, formerly CFO of Imvescor, is now IRG’s CFO.
IRG owns the trademarks and intellectual property for the Pizza Delight, Mikes, Scores and Baton Rouge brands. The company operates more than 260 restaurants and employs more than 10,000 people in Atlantic Canada, Quebec, Ontario and Alberta, generating $450 million in annual sales.