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MTY Food Group Inc Completes Acquisition Of Mr. Souvlaki Ltd.

Wednesday, 26 Sep 2012 09:31am EDT 

MTY Food Group Inc announced that pursuant to the binding agreement announced on July 26, 2012, its wholly-owned subsidiary MTY Tiki Ming Enterprises Inc. has completed the acquisition of the assets of Mr. Souvlaki Ltd. (Mr Souvlaki) for a consideration to be paid from MTY's cash on hand. Since 1997, Mr Souvlaki has provided its customers with a healthy and affordable Greek menu that has become a customer favorite. The chain operates 14 franchised stores in mall locations, 13 of which are located in Ontario and 1 in British Columbia. The franchise system has generated approximately $4.5 million in sales during recent completed fiscal year. Terms of the transaction were not disclosed. 

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1.19 +3.80%
2:10pm EDT