|MTY Acquires Koryo Korean BBQ|
|Monday, 14 November 2011 13:10|
MONTREAL— MTY Food Group Inc. has announced the completion of the acquisition of most assets of Koryo Korean BBQ Franchise Corporation for $1.8 million.
"The acquisition of Koryo will enable MTY to accelerate its growth in the Korean food segment by adding key locations in areas where our home-grown Korean quick-service chain, Kim Chi, is not present. This largely includes the provinces of Alberta, British Colombia and Saskatchewan," said Stanley Ma, chairman, president and CEO of MTY.
The Koryo chain operates 20 stores, 19 of which are franchised or under operating agreement and one company-owned store, with annual sales of approximately $8 million. This deal will increase MTY's total network to 2,251 units in Canada, the Middle East and Northern Africa regions.
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