MONTREAL — A wholly owned subsidiary of MTY Food Group Inc. has signed an agreement to acquire most of the assets of Casa Grecque, a chain of bring-your-own-wine restaurants founded 38 years ago by brothers, Peter and Louis Berlemis.
The Casa Grecque network currently has 31 franchised restaurants in operation, all of which are located in Quebec. The network has generated more than $45 million in system sales in 2017. Assets acquired also include a central kitchen and a distribution centre that service the Casa Grecque restaurants, as well as some external customers.
Total consideration for the transaction is expected to be approximately $19.5 million, plus the value of the inventory at closing, which is projected to be approximately $3 million. The transaction is anticipated to close before the end of 2018 but remains subject to multiple conditions customary for a transaction of this nature.
Following the closing of the transaction, MTY will continue to run the Casa Grecque concept from its current headquarters in Laval, Que. under the leadership of Peter Mardakis.