MONTREAL — MTY Tiki Ming Enterprises Inc., a subsidiary of MTY Group, has acquired most of Mr. Souvlaki Limited’s assets, for a cash payment of $1 million. The acquisition includes 14 Mr. Souvlaki franchises in Canada; one in B.C. and 13 in Ontario.
During its last fiscal period, the Mr. Souvlaki chain generated sales of approximately $4.4 million in Canada.
The deal will help MTY strengthen its presence in the QSR segment outside of Quebec. While keeping with its strategy to diversify.
In other news, MTY’s first European store, a Thai Express outlet located in Surrey, England, is scheduled to open July 29.
The Quebec-based MTY Group is a Canadian franchisor and operator of numerous QSR concepts, including Thai Express, Country Style, Vanelli’s, Cultures and several others. The company was named National Company of the Year in 2010, at Kostuch Media’s annual Pinnacle Awards.