Restaurant company acquires 5 fast-food locations
A local company has acquired five fast-food restaurants in Georgia.
Grand Rapids-based Meritage Hospitality Group acquired a group of Wendy’s restaurants in the Atlanta area, according to the company yesterday.
Meritage expects the restaurants to add about $8.8 million in annual sales and be accretive to earnings going forward.
“The acquisition of five Atlanta area restaurants complements our existing 39 Wendy’s restaurants in the Atlanta market area and is consistent with our previously announced 2025 growth plans to expand our operating base to 435 total restaurants,” said Robert Schermer Jr., CEO, Meritage Hospitality Group.
“We intend to immediately integrate each of the acquired Wendy’s into our operating and accounting platform and fold them into our Wendy’s remodeling program that is designed to enhance the overall guest experience.”
Meritage also recently announced its commitment to build an additional 40 Wendy’s restaurants by 2024 under Wendy’s new development agreement.
The company is also planning a nationwide rollout of breakfast offerings across its Wendy’s markets in the first quarter of 2020.
Meritage Hospitality Group (OTC: MHGU) is a restaurant company with a portfolio of 332 restaurants in numerous states: Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia.
The company has about 10,500 employees.
It operates restaurants under several brands: Wendy’s; Morning Belle; Stan Diego; Freighters Eatery & Taproom; and Wheelhouse.
Meritage reported 2018 sales of $435.3 million.