MTY Food acquires Koryo Korean BBQ
MTY Food Group (CVE:MTY), a franchisor and operator of fast food restaurants, said its unit MTY Tiki Ming Enterprises has struck a deal to acquire Koryo Korean BBQ for $1.8 million in cash, in a bid to expand the company's food offerings and market share.
The company, which also owns restaurants under the labels of Cultures, Thai Express, Mrs. Vanelli's, Yogen Fruz and Koya Japan, said it will use cash on hand to pay for the transaction.
The deal, which is slated to wrap-up on Sept. 30, remains subject to regulatory approval and closing conditions.
Koryo has 20 outlets in operation located in Alberta, British Columbia, Ontario, Quebec and Saskatchewan, generating annual sales of $8 million.
"The acquisition of Koryo is in line with our strategy to acquire profitable chains that diversify the company's range of offering and strengthen the company's market share in the quick service food industry," said MTY.
Following the deal's completion, the present owner of Koryo, Jin Lee, will join MTY and continue to expand the unit.
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