   
Back
To News/PR Index
|
|
Meritage
Reports Acquisition of 10 Wendy’s in Oklahoma City Area
|
Grand
Rapids, MI – August 2016 / Newsmaker Alert / Meritage
Hospitality Group Inc. (OTCQX:MHGU),
one of the nation’s premier restaurant operators, announced it has completed
the acquisition of 10 Wendy’s restaurants located in the Oklahoma City
area, bringing the Company’s total to 18 Wendy’s restaurants in the greater
Oklahoma City market area.
Chief
Executive Officer Robert Schermer, Jr., stated, “We are excited about the
opportunity to continue expanding our footprint in the Oklahoma City area
with a seasoned portfolio of Wendy’s restaurants. This transaction represents
our sixteenth Wendy’s acquisition in the past five years and is consistent
with our investment criteria. We intend to immediately begin the integration
of these Wendy’s restaurants into the Company’s unique web-based operating
& accounting systems platform, followed by an extensive remodeling
program,” added Schermer.
The
Company expects the 10 restaurants acquisition to add approximately $13.8
million in annual sales and be accretive to earnings. The transaction was
funded with a combination of cash-on-hand and debt financing.
The
Company continues to make significant capital improvements in its restaurants
with the renovation and opening of approximately 15 to 18 Wendy’s locations
scheduled for completion in 2016. The Company continues to seek acquisition
opportunities where management believes it can add-value using in-house
development expertise and unique web-based operating and accounting systems.
About
Meritage Hospitality Group
Meritage
Hospitality Group is one of the nation’s premier restaurant operators,
with 183 restaurants in operation located in Florida, Georgia, Michigan,
North Carolina, South Carolina, Ohio, Oklahoma and Virginia. Meritage is
headquartered in Grand Rapids, Michigan, operating with a workforce of
approximately 6,000 employees. As of July, 3 2016 the Company had approximately
5,706,173 (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 new 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 www.meritagehospitality.com.
Contact:
Robert
E. Schermer, Jr., CEO
Meritage
Hospitality Group Inc.
616-776-2600 |
