MTY Food Buying Baja Fresh Mexican Grill and La Salsa Fresh Mexican Grill For US$27 Mln Cash (TSE:MTY)


MTY Food (MTY.TO) has agreed to buy BF Acquisition Holdings, which operates 162 Baja Fresh Mexican Grill and 23 La Salsa Fresh Mexican Grill restaurants, for US$27 million in cash. The company said the acquisition “solidifies its presence in the United States and confirms MTY’s appetite for good quality acquisition opportunities regardless of the geographical location of their restaurants.” The stock finished Thursday at $42.89, at the top half of 52-week range $27.91 – $46.25.

The stock increased 0.63% or $0.27 on September 13, hitting $42.82. About 30,747 shares traded hands or 32.31% up from the average. MTY Food Group Inc. (TSE:MTY) has risen 42.31% since February 5, 2016 and is uptrending. It has outperformed by 25.82% the S&P500.

MTY Food Group Inc. is a Canada-based company, which franchises and operates quick-service restaurants. The company has a market cap of $915.04 million. The Firm operates in four divisions: Franchising, which includes revenue from royalties, supplier contributions, franchise fees, rent, and the construction and renovation of restaurants; Corporate, which includes the direct sale of prepared food to customers; Distribution, which includes distribution of raw materials to restaurants of its Valentine and Franx banners, and processing, which includes the sale of ingredients and prepared food to restaurant chains, distributors and retailers. It has a 29.71 P/E ratio.

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