The $23-million dollar deal spun from a binding agreement announced on Aug. 18, 2011, includes the 338 Mr. Sub units currently in operation. The transaction will increase MTY’s presence to 2,231 units in Canada, the Middle East, and North African regions, as well as generating annualized system sales to approximately $650 million.
“The addition of Mr. Sub provides tremendous strategic possibilities for MTY by further diversifying MTY’s brand portfolio and by considerably increasing our presence on the street,” said Stanley Ma, chairman, president and CEO of the brand.
Ken Monteith, senior vice-president of Country Style will join Michael Ford and Kurt Newman on the senior management team at Mr. Sub. The Mr. Sub head office will be relocating to MTY’s Ontario office in Richmond Hill.