Canadian franchisor MTY Food Group has purchased Quebec-based restaurant chain Casa Grecque for approximately $19.5 million, plus an additional $3 million in inventory.
Established in 1980 by brothers Peter and Louis Berlemis, Casa Grecque has 31 franchised locations in operation, all of which are located in Quebec. The network generated more than $45 million in systems sales in 2017, according to the company.
The transaction is expected to close between the end of the year, but remains subject to multiple conditions. Assets acquired in the deal also include a central kitchen and distribution centre that service the restaurants. MTY will continue to operate the chain out of its existing headquarters in Laval, Que.