MONTREAL — A wholly owned subsidiary of MTY Food Group Inc. has signed an agreement to acquire the assets of The Works Gourmet Burger Bistro for an estimated $8 million.
The Works’ network of Ontario restaurants — 27 locations, four of which are corporately-owned — has generated approximately $35 million in sales in the last 12 months.
“MTY is proud to add another young and dynamic brand to its portfolio,” says Stanley Ma, Chairman of the Board and CEO of MTY. “The Works has great growth potential for the future and will solidify MTY’s presence in the gourmet-burger market.”
Bruce Miller, The Works’ current president, will continue to lead the brand following the transaction and MTY expects to maintain the The Works’ headquarters in Oakville, Ont.
The transaction is expected to close within 45 days and remains subject to multiple conditions, including standard regulatory approvals and other conditions customary for a transaction of this nature.
