MTY Food Group Inc. of Montreal is buying the Famous Dave's restaurant chain from BBQ Holdings Inc. for $257 million..
In addition to Famous Dave’s, BBQ Holdings operates eight other brands with more than 200 franchised and more than 100 corporate-owned restaurants under the Village Inn, Barrio Queen and Granite City banners. The company has a presence in 37 U.S. states, Canada and the United Arab Emirates.
MTY owns more than 80 restaurant brands, including South Street Burger, Mucho Burrito, Big Smoke Burger, Baton Rouge Steakhouse & Bar, Papa Murphy’s pizza, and TCBY frozen yogurt shops. As of the end of May, its network included 6,660 stores, 99 per cent of them franchises.
“This transaction combines highly complementary businesses,” said Eric Lefebvre, chief executive officer of MTY.
“BBQ Holdings’ restaurants are well established within each of their respective markets with a strong network of franchise partners, well-run corporate owned locations, and a best-in-class management team.”
The combined network is expected to generate more than C$4.8 billion in sales annually.