MTY Meals Group accomplished its $207 million deal for Wetzel’s Pretzels. / {Photograph}: Shutterstock.
MTY Meals Group has accomplished its newest push into the U.S.
The Montreal-based operator of dozens of restaurant chains on Thursday stated it accomplished its $207 million acquisition of Wetzel’s Pretzels from CenterOak Companions.
In so doing, the proprietor of manufacturers like Papa Murphy’s, Pinkberry and Chilly Stone Creamery has one more mall-based deal with idea within the U.S. Wetzel’s is the nation’s second-largest pretzel model. Wetzel’s has 350 places, 90% of that are operated by franchisees. System gross sales have been $221 million final 12 months, in response to knowledge from Restaurant Enterprise sister chain Technomic.
It’s the most recent in an extended string of U.S. acquisitions which have turned what was largely an proprietor of Canadian meals court docket manufacturers into a serious holder of eating places south of the border.
That acquisition string started with the 2016 acquisition of Kahala Manufacturers, the proprietor of Pinkberry and Chilly Stone, amongst others, and continued with offers comparable to one in 2019 for take-and-bake chain Papa Murphy’s. Earlier this 12 months, MTY acquired Well-known Dave’s proprietor BBQ Holdings, which operates a number of different chains comparable to Granite Metropolis and Village Inn.
Even earlier than the offers this 12 months, MTY has been producing extra of its income within the U.S. than in Canada. Fifty-four % of its income final quarter got here from these aforementioned acquisitions.
MTY’s U.S. manufacturers function greater than 4,200 places. Collectively, they are going to symbolize about 70% of the corporate’s complete system gross sales.
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