MTY Enters into an Agreement to Acquire Assets Of Tortoise Group

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MONTREAL— One of MTY Food Group Inc.’s wholly owned subsidiaries has signed an agreement to acquire a 70-per-cent interest in Tortoise Group, parent company of three Ontario-based casual-dining concepts — Turtle’s Jack’s Muskoka Grill, COOP Wicked Chicken and Frat’s Cucina.

There are currently 19 franchised Turtle Jack’s restaurants in operation. The two COOP Wicked Chicken and the Frat’s Cucina restaurants are company-owned, both concepts being in their incubation period. The 22 combined restaurants of the network have generated more than $61-million in sales during the last 12 months.

“It’s a rare occasion to have the opportunity to join forces with an established brand and two up-and-coming brands all at the same time,” says Eric Lefebvre, CEO of MTY. “We’re delighted with the potential of our alliance with the brands, the franchise community and the current owners of the three concepts, who will both stay on board as partners in the venture.”

The transaction is anticipated to close within the next 45 days but remains subject to multiple conditions customary for a transaction of this nature. There is no assurance the transaction will be completed as described above, or at all, or that the anticipated closing date will materialize.

The current owners of Tortoise Group, Jim and Clark Lishman, will be staying with MTY. The head office will stay in its current location, in Burlington, Ont.

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