Restaurant company acquires eight locations
A local restaurant company has acquired eight restaurants that it expects will generate about $11.5 million in annual sales.
Grand Rapids-based Meritage Hospitality Group said today that it has acquired the group of Wendy’s locations in the Oklahoma City area, as well as signed a definitive agreement to acquire an additional 10 Wendy’s locations in the same area later this summer.
The transaction was funded by a combination of cash on hand and debt financing from Grand Rapids-based Mercantile Bank.
The eight new locations will be added to Meritage's web-based operating and accounting systems.
“We are very excited about the opportunity to expand our footprint west of the Mississippi River with a portfolio of Wendy’s restaurants which have a long operating history and a market area with new restaurant growth opportunity,” said Robert Schermer Jr., CEO, Meritage Hospitality Group. “This transaction represents our fifteenth acquisition in the past five years and is consistent with our past acquisition underwriting criteria.”
Meritage will complete 18 Wendy’s renovations in 2016 and continues to seek additional restaurant acquisitions.
The company now operates 173 restaurants in eight states and has 5,500 employees.
Meritage recently opened its first downtown Grand Rapids casual-dining concept, The Wheelhouse, at the end of May.
It will soon move its headquarters into Arena Place in downtown Grand Rapids.