MONTREAL — MTY Food Group Inc. announced that one of its wholly owned subsidiaries has signed an agreement to acquire the assets of South St. Burger.
South St. Burger currently operates 26 franchised and 14 corporate restaurants, most of which are located in Canada. The network has generated more than $28 million in system sales in the last 12 months.
“MTY is proud to add another dynamic brand to its portfolio,” says Eric Lefebvre, CEO of MTY. “South St. Burger has great growth potential for the future and will solidify MTY’s presence in the gourmet-burger market.”
The transaction is anticipated to close within the next 90 days, but remains subject to multiple conditions customary for a transaction of this nature.