Restaurant company acquiring 57 locations
A local restaurant company is adding 57 locations to its portfolio.
Grand Rapids-based Meritage Hospitality Group said today it acquired two Wendy’s restaurants in Virginia and entered into three purchase agreements to acquire 55 Wendy’s restaurants in the eastern U.S. and Midwest.
The transactions are subject to customary due diligence and standard approvals, with closings scheduled to be completed in the first quarter of 2018.
Meritage expects the 57 restaurants to add more than $100 million in annual sales and be accretive to earnings going forward.
“The consummation of these transactions is consistent with our stated growth plans and investment strategy of profitable growth within the Wendy’s franchise system,” said Robert Schermer Jr., CEO, Meritage Hospitality Group.
“Upon closing, we intend to immediately integrate each of these Wendy’s restaurants into our unique web-based operating and accounting platform, followed by an extensive remodeling program designed to modernize the Wendy’s restaurants and enhance the overall guest experience.”
Meritage Hospitality Group operates 253 restaurants in multiple states: Arkansas, Florida, Georgia, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee and Virginia.
It has about 7,700 employees.
It operates restaurants under several brands: Wendy’s; Twisted Rooster; the Crooked Goose, which will soon be converted to Taco Vista; Freighters Eatery & Taproom; and Wheelhouse.