Shareholders of Kahala Brands Ltd have approved the company’s acquisition by MTY Food Group Inc (TSX: MTY), a Montréal-based quick-service restaurant franchisor and operator. The deal, announced earlier this year, reflects a total consideration of US$300 million. Scottsdale, Arizona-based Kahala has been a portfolio company of Canadian private equity firms Serruya Private Equity and Delavaco Group since August 2013.
Kahala Brands, Ltd. Announces Shareholder Approval For Merger With A Wholly-Owned Subsidiary Of MTY Food Group, Inc.
Shareholders Approve Merger with Overwhelming Majority
SCOTTSDALE, Ariz., July 21, 2016 /PRNewswire/ — Kahala Brands, Ltd.™ (“Kahala Brands”) (OTC:KAHL) (www.KahalaBrands.com) announced that the proposed merger with a wholly-owned subsidiary of MTY Food Group, Inc., was approved by the company’s shareholders during a special shareholder meeting today.
About Kahala Brands™
Kahala Brands™ is an international franchising company with a portfolio of 18 quick-service restaurant brands with approximately 2,900 locations in 27 countries including Cold Stone Creamery®, Blimpie®, TacoTime™, Samurai Sam’s Teriyaki Grill®, The Great Steak & Potato Company™, NrGize Lifestyle Cafe™, Surf City Squeeze®, Johnnie’s New York Pizzeria™, Cereality®, Kahala Coffee Traders®, Frullati Café & Bakery™, Rollerz™, Ranch One®, America’s Taco Shop®, Planet Smoothie®, Tasti D-Lite™, Maui Wowi® and Pinkberry®.
For more information about Kahala Brands™, please visit www.KahalaBrands.com.
About MTY Food Group, Inc.
MTY is the franchisor and operator of approximately 2,700 restaurants, operating mainly in Canada and in 14 other countries around the world. MTY is among the leaders in the Canadian quick service restaurant industry, with systemwide sales of over C$1 billion and 40 brands under its portfolio. MTY is headquartered in St.-Laurent, Quebec, Canada and is traded on the Toronto Stock Exchange under the symbol “MTY.”
For more information about MTY, please visit MTY’s website at www.MTYGroup.com or visit SEDAR’s website at www.Sedar.com under MTY’s name.
Note on Forward-Looking Information
Certain statements in this News Release may constitute “forward-looking” statements that involve known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of Kahala Brands and/or MTY or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In some cases, forward-looking statements can be identified by such terms as “anticipate”, “estimate”, “may”, “will”, “expect”, “predict”, “believe”, “plan” and other terminology. Such statements reflect our current intent, belief and expectations about future events and operating performance, speak only as of the date of this News Release and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Except as required by law, we assume no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Additional information about MTY is available in MTY’s Management’s Discussion & Analysis, which can be found on SEDAR at www.Sedar.com.
Photo courtesy of Kahala Brands Ltd