MONTREAL — MTY Tiki Ming Enterprises Inc., a wholly owned subsidiary of MTY Food Group Inc., has reached an agreement to acquire 60 per cent of Big Smoke Burger for $3 million.
Mustafa Yusuf, owner and president of Big Smoke, will retain 40 per cent of the company and will continue in his functions following the conclusion of the transaction. Following the closing of the transaction, the operations will be relocated to MTY’s offices in Richmond Hill, Ont.
“Gourmet burgers is a rapidly expanding segment of the food industry, and Big Smoke is undeniably one of the leaders of this segment”, said Stanley Ma, CEO of MTY. “We are really excited to have the opportunity to team up with Big Smoke to expand our presence in the high-growth, ‘artisan better burger’ segment.”
The transaction is scheduled to close in September and remains subject to closing conditions and regulatory approvals.