World News: 12:56 GMT Thursday 31st October 2019. [Meritage Hospitality Group, Inc. via Globe Newswire via SPi World News]
GRAND RAPIDS, Mich., Oct. 31, 2019 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation’s premier franchise restaurant operators, announced today that it has acquired five additional Wendy’s restaurants located in the Atlanta, Georgia market area.
“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. 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”, stated Chief Executive Officer, Robert Schermer, Jr. The Company expects the five additional restaurants to add approximately $8.8 million in annual sales and be accretive to earnings going forward.
The Company continues to be a leader in new restaurant development within the Wendy’s U.S. system. With a stated goal of 400 Wendy’s restaurants, the Company recently announced its commitment to build an additional 40 Wendy’s restaurants by 2024 under the new Development Agreement. The Company is on pace for a record number of new and renovated restaurants in 2019.
During the first three quarters of 2019, the Company declared common stock cash dividends of $0.18 per share representing an increase of 100% over the same period last year along with EBITDA growth of 18.7%.
The Company continues to distinguish itself as a leader and innovator in the restaurant industry, striving for best in class results through a performance based culture committed to operational excellence, strategic acquisitions and real estate development.
Meritage Hospitality Group is one of the nation’s premier franchise operators, with 332 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a growing workforce of approximately 10,500 employees. The Company’s public filings can be viewed at , under the stock symbol MHGU, or the Company’s website .
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CONTACT:Robert E. Schermer, Jr., CEOMeritage Hospitality Group Inc.(616) 776-2600
Globe Newswire: 12:56 GMT Thursday 31st October 2019
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