Meritage Reports Agreements to Acquire Ten Wendy’s Restaurants Located in Georgia and Texas
MERITAGE HOSPTLTY GRP INC (MHGU)
NASDAQ:AMEX Investor Relations:
meritagehospitality.com/investor-relations
Company Research
Source: GlobeNewswire
GRAND RAPIDS, Mich., Aug. 06, 2019 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation’s premier restaurant operators, today announced it has entered into two independent definitive asset purchase agreements to acquire a total of 10 Wendy’s restaurants located in Georgia and Texas. The pending transactions are subject to customary due diligence and standard approvals. The two transactions are scheduled to close during the third quarter of 2019, adding approximate $17.9 million of sales. The Company also recently reported it entered into an agreement with Wendy’s to develop 40 new Wendy’s restaurants over the next five years. Under terms of the Development Agreement the Company will develop 40 new Wendy’s restaurants by the end of 2024 and receive significant economic incentives provided under the Groundbreaking Incentive Program, which includes royalty and national marketing fee relief. The development and incentive programs are subject to the Com
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