MONTREAL — The MTY Food Group is set to acquire most of the assets of Extreme Pita, PurBlendz and Mucho Burrito for $45 million.
“We are very excited to have the opportunity to acquire two brands that enjoy such strong brand equity and that have a significant growth potential in Canada and outside of our borders. This will complement MTY’s current portfolio, not only in terms of offerings to its customers but also in terms of geographical location. The 40 stores in the United States will be MTY’s first stores [in] American territory. The ice is now broken,” said Stanley Ma, CEO of MTY.
The deal is expected to be completed on or before Sept. 17. Following the transaction, Sean Black, co-founder of Extreme Brandz, will remain with the company as chief development officer. “This is an exciting time for MTY, and I am honoured to have the opportunity to join the team and help develop the incredible potential of the company. I believe this strategic acquisition by MTY will be very good for the Extreme Brandz franchisees as well as the MTY shareholders,” said Black.