Canadian restaurant company MTY Food Group’s subsidiaries MTY Tiki Ming Enterprises and MTY Franchising USA have acquired the assets of Manchu Wok, Wasabi Grill & Noodle and SenseAsian restaurants.
Valued at $7.9m, this transaction will be completed using MTY's cash on hand and existing credit facilities. This purchase is expected to generate system sales of $1bn on an annualised basis.
With this development, MTY Food will have more than 2,800 additional outlets under its network in countries including Canada and in the United States.
The acquired brands currently operate 132 stores, including 14 corporate-owned stores.
MTY CEO Stanley Ma said: "The addition of those 132 stores will provide further breadth and depth in MTY's portfolio of brands in Canada, and will enable MTY to increase its presence in the United States.
"The addition of a category leader such as Manchu Wok to our network will further strengthen MTY's proposition to customers, landlords and prospective franchisees".
The company had announced this acquisition in October this year.
