MONTREAL — MTY Food Group Inc. is set to acquire most of the assets of the SweetFrog Premium Frozen Yogurt franchise system through one of its wholly owned subsidiaries for an estimated consideration of US$35 million.
“SweetFrog is an exciting brand serving premium quality frozen yogurt and will fit perfectly within our portfolio of brands,” says Jeff Smit, COO of MTY’s U.S. operations. “We are extremely happy about everything this brand has to offer and the growth potential ahead.”
SweetFrog currently has 254 franchised locations and 78 corporate-owned locations. Of those 332 restaurants, 324 are located in the U.S., with the remaining located internationally. As part of the deal, the current 78 corporate-owned locations will transition to franchised locations under current ownership.
Following the closing of the transaction, MTY expects to consolidate operations and run the franchising platform from its U.S. headquarters in Scottsdale, Ariz. under the leadership of Jeff Smit. The transaction is expected to close within 30 days.