GRAND RAPIDS, Mich., March 28, 2017 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX:MHGU), one of the nation’s premier restaurant operators, today announced it has acquired 8 Wendy’s restaurants located in the state of Michigan.
Chief Executive Officer Robert Schermer, Jr., stated, “We are delighted to have the opportunity to expand our existing Wendy’s footprint in Michigan with this group of seasoned restaurants. We intend to integrate each of the newly acquired locations into our unique web-based operating & accounting platform, followed by a remodeling program to update the restaurants and enhance the guest experience.”
The Company has two additional definitive agreements pending to acquire 61 Wendy’s restaurants located in five Midwest and Mid-Atlantic states. The two transactions are scheduled to be completed during the second quarter of 2017.
The Company estimates the combined 69 restaurants will add approximately $90 million in annual sales and be accretive to earnings.
Company 2017 Outlook: Robust Earnings Growth Ahead
The Company’s 2017 financial targets will be updated during the second quarter to reflect the impact of the 69 acquired restaurants, which we anticipate will be accretive to sales and earnings growth going forward.
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 189 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 6,400 employees. The Company has approximately 6.0 million (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 news 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 http://www.meritagehospitality.com.