GRAND RAPIDS, Mich., Dec. 06, 2017 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX:MHGU), one of the nation’s premier restaurant operators, today announced it has acquired 2 Wendy’s restaurants in Virginia and entered into three independent definitive asset purchase agreements to acquire a total of 55 Wendy’s restaurants located in the Eastern and Mid-Western United States. The transactions are subject to customary due diligence and standard approvals with closings scheduled to be completed during the first quarter of 2018.
“The consummation of these transactions is consistent with our stated growth plans and investment strategy of ‘profitable growth’ within the Wendy’s franchise system. Upon closing we intend to immediately integrate each of these Wendy’s restaurants into our unique web-based operating & accounting platform, followed by an extensive remodeling program designed to modernize the Wendy’s restaurants and enhance the overall guest experience”, stated Chief Executive Officer, Robert Schermer, Jr.
The Company expects the 57 restaurants to add over $100 million in annual sales and be accretive to earnings going forward.
Company 2018 Outlook: Robust Sales & Earnings Growth Ahead
The Company’s 2018 financial guidance will be provided with the 2017 fourth quarter and year-end results.
Meritage continues to distinguish itself as a leader and innovator in the quick service restaurant segment, striving for best in class results through a performance based culture committed to operational excellence, strategic acquisitions and real estate development.
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 253 restaurants in operation located in Arkansas, Florida, Georgia, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 7,700 employees. The Company has approximately 6.1 million (basic) common shares outstanding. The Company’s public filings can be viewed at www.otcqx.com, under the stock symbol MHGU, or the Company’s website www.meritagehospitality.com.
SAFE HARBOR STATEMENT
Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, constitutes forward-looking statements. Factors set forth in our Safe Harbor Statement, in addition to other possible factors not listed, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. Please review the Company’s Safe Harbor Statement at http://www.meritagehospitality.com.
Robert E. Schermer, Jr., CEO
Meritage Hospitality Group Inc.
Source:Meritage Hospitality Group, Inc.