MTY Food Group announced on Wednesday that it has acquired Wetzel's Pretzels, a fast-food snacks restaurant operator with operations in the United States, Canada and Panama .
The transaction was completed for nearly $284 million excluding cash and debt.
With more than 350 locations, 90% of which franchisees, Wetzel's Pretzels has generated total revenue of approximately $245 million USD for the past year and served nearly 21 million customers.
“This transaction represents another key acquisition for MTY, which allows us to add another iconic brand to our portfolio of brands in the United States,” said Éric Lefebvre, CEO of MTY, in a press release.
The Quebec fast-food giant will thus expand its presence in the southern neighbor with more than 4,200 establishments in the country.
Subject to the conditions As usual, the deal has already been unanimously approved by the boards of both companies.
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