Meritage Hospitality Group to Acquire 69 Wendy’s Restaurants Located Across Five States

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Meritage Hospitality Group to Acquire 69 Wendy’s Restaurants Located Across Five States

02/13/2017
Meritage Hospitality Group Inc., a restaurant operator with 181 restaurants in operation, announced it has entered into three independent definitive asset purchase agreements to acquire a total of 69 Wendy’s restaurants located in the Midwest and Mid-Atlantic states. The transactions are subject to customary due diligence and standard approvals. The three transactions are scheduled to be completed during the first and second quarters of 2017.
 
“We are inspired by the opportunity to expand our Wendy’s footprint into these new market areas," said Meritage Hospitality CEO Robert Schermer, Jr. "The consummation of these three transactions will represent the completion of nineteen Wendy’s acquisitions in the past eight years and are consistent with our stated investment strategy of 'profitable growth' within the Wendy’s franchise system.
 
"We intend to systematically integrate each of these Wendy’s restaurants into our unique web-based operating & accounting platform, followed by a long-term remodeling program designed to modernize the Wendy’s restaurants and enhance the guest experience," he continued. "We look forward to welcoming the addition of 2,100 new employees to Meritage this spring,” added Schermer."
 
The Company expects the 69 restaurants to add approximately $90 million in annual sales and be accretive to earnings.