MONTREAL — Operator and franchisor of multiple quick-serve restaurants, MTY Food Group Inc., announced today that its subsidiary, MTY Tiki Ming Enterprises, has entered into an agreement to acquire assets of the Madisons New York Grill & Bar in Canada. This purchase will mark the entry of MTY into casual-dining in Canada.
“We are pleased to make our entry in the casual-dining segment through a brand as reputable as Madisons,” said Stanley Ma, CEO of MTY.”This opens the door to a segment of foodservice that has been very strong in the last few years and that is expected to continue its strong performance in the future.”
MTY will own 90 per cent of Madisons, while the other 10 per cent will be owned by the VP of the brand, Gilles Pépin. Sales for the U.S.-based chain were $40 million in 2013; the brand is expected to have 14 restaurants in Canada when the deal closes this spring.
MTY comprises more than two dozen quick-service brands, including more recent acquisitions such as Mr. Souvlaki, SushiGo, Koryo Korean BBQ and most of the assets of Extreme Pita, PurBlendz and Mucho Burrito.