MONTREAL — MTY Food Group Inc. has signed an agreement to acquire the assets of Allô! Mon Coco — a Quebec-based chain of gourmet breakfast-and-lunch restaurants.
“MTY is very excited to have the opportunity to add another young, dynamic and distinctive breakfast chain to its portfolio,” says Eric Lefebvre, CEO of MTY. “Allô! Mon Coco has had great success in the past and it has a great potential for further growth in the future.”
Reportedly generating approximately $57 million in system sales over the last year, the Allô! Mon Coco network currently comprises 39 franchised restaurants in operation — 38 locations in Quebec and one in Ontario.
The assets acquired include the trademark for the world, except the U.S. As part of the agreement, MTY obtains a right of first refusal should the owners of the trademark for the U.S. decide to dispose of it in the future.
The current president of Allô! Mon Coco, Tom Bountis, will be staying with MTY for a period of at least 12 months following completion of the transaction.
The acquisition is expected to close within the next 45 days, but remains subject to customary closing conditions.