Meritage Hospitality Group Inc., which will be a presenter at BetterInvesting’s Chicago Investor Expo, recently announced it has completed the acquisition of 15 Wendy’s restaurants in Toledo, Ohio.
The restaurants were acquired from a Wendy’s franchisee and are semi-contiguous to Meritage’s existing Wendy’s eateries along the I-75 corridor from Michigan to Florida.
The Chicago Investor Expo is a Sept 12 daylong event created by the Chicago Coalition Chapters of BetterInvesting. Attendees will learn more about investing, starting an investment club and other personal finance topics.
The Grand Rapids, Mich.-based, Meritage said that it estimates the acquisition will add approximately $19 million in annual sales and be accretive to consolidated earnings and EBITDA (earnings before interest, taxes, depreciation and amortization) going forward.
“This transaction represents an important building-block in our stated growth strategy to create long-term shareholder value through new restaurant development and consolidation within the Wendy’s franchise system, ” Robert E. Schermer, Jr., Meritage’s CEO said.
The company says it plans to install point-of-sale upgrades and transition the back-of-house systems over to the Meritage operating and accounting systems. In addition, Wendy’s restaurants are going through a major brand re-imaging including major interior and exterior upgrades.
Meritage owns and operates a total of 167 quick service and casual dining restaurants in the United States operating in Florida, Georgia, Michigan, North and South Carolina, Ohio and Virginia.
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