A wholly owned subsidiaries of MTY Food Group Inc. has signed an agreement to acquire a 70 percent interest in the Turtle Jack's Muskoka Grill, COOP Wicked Chicken and Frat's Cucina concepts from the Burlington, Ontario-based Tortoise Restaurant Group Inc. There are currently 19 franchised Turtle Jack's restaurants in operation and the two COOP Wicked Chicken and the single Frat's Cucina restaurant in Hamilton are company-owned, both being in their incubation period. The 22 combined restaurants of the network, all on Ontario, have generated over $61-million in sales during the last 12 months. The transaction is expected to close within the next 45 days and the current owners of Tortoise Group, Jim and Clark Lishman, will remain with MTY. The head office will stay in its current Burlington location. "It is a rare occasion to have the opportunity to join forces with an established brand and two up and coming brands all at the same time,” said MTY’s CEO Eric Lefebvre. “We are delighted with the potential of our alliance with the brands, the franchise community and the current owners of the three concepts, who will both stay on board as partners in the venture."
Tortoise Restaurant Group Inc., 3370 South Service Rd., Suite 300, Burlington, Ontario L7N 3M6 (905/332-6833 www.tortoisegroup.ca)
MTY Food Group Inc., 8210 TransCanada Rd., St Laurent, Quebec H4S 1M5 (514/336-8885 www.mtygroup.com)