MTY Group signs deal to acquire South St. Burger chain of restaurants

MONTREAL – MTY Food Group Inc. has signed a deal to acquire South St. Burger, a chain of gourmet burger restaurants.

Financial terms of the deal were not immediately available.

The burger chain will join MTY’s stable of restaurants that includes food court staples such as Thai Express, Vanellis and Manchu Wok as well as Baton Rouge, Pizza Delight and Scores restaurants.

South St. has 26 franchised and 14 corporate restaurants.

The network had $28 million in system sales in the last 12 months.

The deal is expected to close within the next 90 days, subject to multiple conditions.

“South St. Burger has great growth potential for the future and will solidify MTY’s presence in the gourmet burger market,” MTY chief executive Eric Lefebvre said in a statement.

Companies in this story: (TSX:MTY)