Montreal-based MTY Food Group Inc. says it has closed its deal to buy casual dining franchisor and operator BBQ Holdings Inc.
MTY Food Group, which runs and franchises restaurants like Bâton Rouge Steakhouse and Bar, Big Smoke Burger and Manchu Wok, acquired all of the issued and outstanding common shares of BBQ Holdings for cash consideration of US$17.25 per share representing a total transaction value of approximately US$200 million, including BBQ Holdings' net debt.
BBQ Holdings franchises and operates restaurants across 37 U.S. states along with locations in Winnipeg and the United Arab Emirates.
The company's flagship brands include the Famous Dave’s, Village Inn, Barrio Queen and Granite City banners.
MTY says that as a result of the merger, BBQ Holdings becomes an indirect, wholly owned subsidiary.
Last year, MTY also acquired the assets of Küto Comptoir à Tartares, a chain of tartare restaurants.
This report by The Canadian Press was first published Sept. 27, 2022.
Companies in this story: (TSX:MTY)
The Canadian Press