GRAND RAPIDS, Mich., Jan. 18, 2018 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX:MHGU), one of the nation’s premier restaurant operators, today announced it has acquired 5 Wendy’s restaurants located in the Lubbock, Texas designated market area.
The Company also reported it has two pending definitive agreements to acquire an additional 50 Wendy’s restaurants located in the Eastern and Mid-Western United States. The pending transactions are subject to customary due diligence and standard approvals, with the remaining acquisitions targeted to be completed during the first quarter of 2018.
“The acquisition of the five Texas Wendy’s restaurants is consistent with our previously announced 5-year growth plans to expand our operating base up to 420 restaurants. We intend to immediately integrate each of the acquired restaurants into our customized predictive operating and financial suite, 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 combined 55 restaurants to add approximately $100 million in annual sales and be accretive to earnings going forward.
Company 2018 Outlook: Significant Sales & Earnings Growth Ahead
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 259 restaurants in operation located in Arkansas, Florida, Georgia, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 7,900 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.