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MTY Food Group

January 15, 2023

MTY Food Group is a Canadian franchisor and operator of numerous casual dining, fast casual, and quick service restaurants operating under more than 70 brand names, some of them through wholly owned subsidiaries.[2] Headquartered in the Montreal borough of Saint-Laurent, Quebec, the number of outlets carrying MTY brands reached 5,500 in 2017. Stanley Ma is the group founder, President and CEO. MTY Food Group's brands include Thaï Express, Country Style, Groupe Valentine, Vanelli's, Extreme Pita, Cultures, La Crémière, Sushi Shop, Veggirama, Caferama, O'burger, Tiki Ming, Vie & Nam, Au Vieux Duluth Express, FranxSupreme, ChicknChick, Croissant Plus, Koya Japan, Kim Chi, Panini, Tandori, Tutti Frutti, Villa Madina Mediterranean Cuisine, Sukiyaki, Taco Time, Yogen Früz, and the Canadian branch of TCBY.

MTY Food Group Inc.
MTY Food Group office in Richmond Hill
Formerly
  • Golden Sky Resources (1986–1994)
  • Golden Sky Ventures International (1994–2000)
  • iNsu Innovations Group (2000–2003)
TypePublic
TSX: MTY
Founded1979; 44 years ago (1979) as Le Paradis du Pacifique
FounderStanley Ma
HeadquartersTrans-Canada Highway, Saint-Laurent, Quebec
Number of locations
 6,719 (2021)[1]
Area served
Worldwide
Key people
Brands
List
  • Tiki-Ming
  • Sukiyaki
  • La Crémière
  • Panini Pizza Pasta
  • Villa Madina
  • Cultures
  • Thaï Express
  • Vanellis
  • Kim Chi
  • “TCBY”
  • Sushi Shop
  • Koya Japan
  • Vie & Nam
  • Tandori
  • O’Burger
  • Tutti Frutti
  • Taco Time
  • Country Style
  • Buns Master
  • Valentine
  • Jugo Juice
  • Mr. Sub
  • Koryo Korean Barbeque
  • Mr. Souvlaki
  • Sushi Go
  • Mucho Burrito
  • Extreme Pita
  • PurBlendz
  • ThaïZone
  • Madisons New York Grill & Bar
  • Café Dépôt
  • Muffin Plus
  • Sushi-Man
  • Van Houtte
  • Manchu Wok
  • Wasabi Grill & Noodle
  • Tosto
  • Big Smoke Burger
  • Cold Stone Creamery
  • Blimpie
  • Surf City Squeeze
  • The Great Steak & Potato Company
  • NrGize Lifestyle Café
  • Samurai Sam’s Teriyaki Grill
  • Frullati Café & Bakery
  • Rollerz
  • Johnnie’s New York Pizzeria
  • Ranch One
  • America’s Taco Shop
  • Tasti D-Lite
  • Planet Smoothie
  • Maui Wowi
  • Pinkberry
  • Baja Fresh Mexican Grill
  • La Salsa Fresh Mexican Grill
  • La Diperie
  • Steak Frites St-Paul
  • Giorgio Ristorante
  • The Works Gourmet Burger Bistro
  • Dagwoods Sandwiches and Salads
  • The Counter Custom Burgers
  • Built Custom Burgers
  • Baton Rouge
  • Pizza Delight
  • Scores
  • Toujours Mikes
  • Ben & Florentine
  • Grabbagreen
  • Timothy’s World Coffee
  • Mmmuffins
  • SweetFrog
  • Casa Grecque
  • South Street Burger
  • Papa Murphy’s
  • Yuzu Sushi
  • Allô! Mon Coco
  • La Boite Verte
  • Turtle Jack’s Muskoka Grill
  • COOP Wicked Chicken
  • Küto Comptoir à Tartares [1]
Revenue
$551.9 million (2021)[1]
  • $3.63 billion (2021; system-wide sales)
$382.6 million (2021)[1]
$169.3 million (2021)[1]
Total assets $1.90 billion (2021)[1]
Total equity $648.9 million (2021)[1]
DivisionsMTY Tiki Ming Enterprises
Taco Time Canada Inc. (founded as taco foods ltd., 1977)
Country Style Food Services Holdings Inc. (founded 1962)
Yogen Fruz Canada Inc. (founded 1986)
SubsidiariesKahala Brands
Websitewww.mtygroup.com
Footnotes / references
[1]

The number of restaurant locations using those brand names more than doubled between 2007 and 2010.[3] Since opening the first Tiki Ming restaurant in 1984, MTY launched ten brands and acquired more than twenty others. Four of the restaurant chains—Vanelli's, Caferama, Sukiyaki, and La Cremiere—also operate in the Middle East.[4] There used to be a computer and technology division named Gold Tech Computer Systems Ltd., but it was spun off in 2003, renaming itself MTY Food Group Inc.[5]

In 2017, most of its restaurants were located in shopping malls and cinema food courts with others located in convenience stores. But by 2019, only 22% of its stores were in food courts.[6] The company owes much of its growth to corporate takeovers (in 2013 80% of the company's revenue growth was attributable to acquisitions).[7][8][9] It operates in Canada, United Arab Emirates, Jordan and Morocco and in 2009 revenue from franchise fees increased 75%.[10][11] It joined the Toronto Stock Exchange as a debt-free company in June 2010. Prior to this it traded on the TSX Venture Exchange for 15 years under four different names.[10][12][13]

Of its 2,700 Canadian units 98% are franchisee owned.[6]

History

In 1979, 29 year old Stanley Ma opened a restaurant called Le Paradis du Pacifique on St. Martin Blvd in Laval, 11 years after he arrived in Canada from Hong Kong. In 1984, he opened the first of 56 Tiki Ming restaurants in Canada in Mount Royal's Rockland Centre. In 1986, the predecessor company was incorporated as Golden Sky Resources Inc. and publicly traded on the Vancouver Stock Exchange (now the TSX Venture Exchange) in February 1989. The company first went public in 1995, there were 70 locations at the time.[6] The name of the company was later changed to Golden Sky Ventures International Inc. in 1994, then to iNsu Innovations Group Inc. in 2000,[14] and then to its current name MTY Food Group Inc. in 2003.[15][16] It moved from the TSX Venture Exchange to the TSX exchange under the symbol MTY in May 2010[17] one year after it acquired Country Style Food Services.

 
Previous logo used from 2011–2016

On November 30, 2010, the company created two new subsidiaries when it combined five former ones. Country Style Food Services Holdings Inc., Buns Master Bakery Systems Inc. and Melody Farms Specialty Foods & Equipment Limited were regrouped into one subsidiary, the other came from Mrs. Vanelli's Restaurants Limited and MTY Tiki Ming Enterprises Inc. The move improved short term cash flow by enabling it to take advantage of non-capital tax losses quicker.[18]

On May 21, 2010, president, CEO, and chairman of MTY Food Group Stanley Ma opened the Toronto Stock Exchange.[19][failed verification]

In 2016, and in a bid for faster expansion, MTY offered to buy the Quebec-based St-Hubert chain of restaurants with its rich chicken product menu. MTY's offer was rejected in favour of the purchase of St Hubert brand by Ontario-based Cara Operations.[20]

In December 2017, however, MTY announced that it was finishing a purchase deal of Imvescor Restaurant Group Inc., a Canadian company with restaurants and food outlets under the five brands Toujours Mikes, Pizza Delight, Scores Rotisserie, Bâton Rouge, and Ben & Florentine. The purchase tag is reportedly 248 million Canadian dollars in a stock-and-cash deal, and will add another 262 existing outlets of the said brands with a reported annual sales figures of 416 million Canadian dollars. The purchase was finalized by the end of February 2018. Imvescor chairman Francois-Xavier Seigneur said joining forces with MTY creates opportunities for Imvescor shareholders from an offer he described as representing a "full and fair value." The combined company is expected to generate about $2.9 billion in annual sales.[21][22]

In February 2018, MTY announced that it was acquiring two new brands, Timothy's and Mmmuffin.[23]

Brands

MTY Food Group owns or controls many restaurant brands within Canada and the United States. In some cases, MTY is a franchise operator within Canada only for chains headquartered outside of Canada such as TCBY and Yogen Früz. In all other cases, MTY owns the brand with the brand headquartered in either Montreal or Phoenix and may license to other companies outside of North America.

1995 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 q2 2016
Number of locations 70[6] 248[24] 287[24] 420[25] 428[26] 784[27] 825[28] 1,023[29] 1,570[30] 1727 1893[31] 2251[32] 2590[7] 2727 2792 5488[33]

Tiki-Ming

Tiki-Ming was the first restaurant of the franchised brands of MTY. The company was launched in 1984 two years before MTY's predecessor, Golden Sky Resources was formed.[12][34]

The restaurant’s website explains that Tiki-Ming has become one of Canada’s “pioneers in the Chinese quick-service restaurant industry.”[35] Additionally, each location features the restaurants’ famous steam table, showcasing Chinese comfort foods and dishes made fresh daily. Tiki-Ming also offers a variety of authentic made-to-order stir-fry dishes prepared with fresh ingredients along with a variety of soups.[35]

Other brands

In addition to the main Tiki-Ming brand, the pioneering brand of the group carrying typical Chinese cuisine and fast food, MTY Food Group has launched further fast food ethnic-based brand food chains including North American, European, Italian, Chinese, Japanese, Korean, Middle Eastern and South Asian menus.

  • Sukiyaki (1988)[34] - Japanese cuisine
  • Franx Supreme (1989)[34][36] - French Canadian specialties including Quebec's famous "Poutine". Chain also offers chicken nuggets, salads, made to order sandwiches, hot dogs and burgers
  • Chick 'n Chick (1995)[34] - Canadian and American chicken products, French fries and fast food
  • Panini Pizza (1995)[34] - Italian and European sandwiches, pizza
  • Caférama (1999)
  • Villa Madina (2003)[34] - Arab / Middle Eastern / Mediterranean cuisine
  • KimChi (2007)[34][36] - Korean cuisine
  • Tandori (2008)[34][36] - Indian / South Asian cuisine
  • O'Burger (2008)[34] - Canadian and American burgers and sandwiches

Acquisitions

In April 1999, MTY acquired Fontaine Santé, a 22-unit health food quick service restaurant chain in Quebec, for an undisclosed amount.[37] The stores were later rebranded as Veggirama and then rebranded a second time as Cultures.[38]

Under the name iNsu Innovations, MTY acquired the brand La Crémière in November 2001, which oversaw 74 locations (all were in Quebec at the time), from Agropur Coopérative for $750,000.[39] The acquisition, which included the Beaver Tails trade name, brought the company's system-wide sales up to $50 million.[40]

In May 2002, MTY, then still known as iNsu Innovations Group, signed a strategic alliance agreement with Restaurants Au Vieux Duluth inc. that allows the company to franchise Au Vieux Duluth Express, a quick serve version of Laval-based Greek restaurant.[41]

In September 2002, MTY acquired the 20-unit Croissant Plus for an undisclosed amount.[42]

In May 2003, MTY, then known as iNsu Innovations Group, acquired 23-unit Cultures for $9.25 million.[43]

In June 2004, MTY purchase all 105 Mrs. Vanelli's locations plus the Mrs. Vanelli's trademarks from Donato Food Corp. for an undisclosed amount. As part of the purchase agreement, MTY entered into a license agreement with a subsidiary of Donato Food Corp. to allow the Donato subsidiary to continue to manufacture and distribute "Mrs. Vanelli's" branded food products worldwide.[44][45]

Thai Express was acquired in May 2004 from Tara Fung Holding Inc. of Montreal through then-subsidiary Matoyee Enterprises Inc.[46][47]

In September 2006, MTY acquired the 47 stores of Sushi Shop for $7.6 million. The previous owner of the establishment was made vice president after the deal.[48][49][50]

In October 2006, purchased the 25-unit Koya Japan chain from the Sabbagh Family Trust of Winnipeg for over $3 million.[51][52]

In June 2008, MTY inaugurated its Vietnamese cuisine concept called Vie & Nam.[53]

In September 2008, MTY purchased Tutti Frutti for $7.3 million.[54][55][56]

In November 2008, MTY acquired Taco Time Canada from Calgarians Ken and Aarol Pattendent for $7.9 million.[57][58][59] Taco Time Canada held the franchise rights in Canada for Arizona-based Taco Time. MTY would later acquire Arizona-based Taco Time through the 2016 acquisition of Kahala Brands.

Country Style was acquired when it had 488 locations, in April 2009 for $7.7 million in cash and $6.9 million in debt.[10][60]

In September 2010 MTY Food Group bought Groupe Valentine Inc.'s Valentine restaurant brand for $9.3 million, with Groupe Valentine becoming a subsidiary of MTY Food Group.[61] Valentine is a Canadian chain of over 100 privately owned restaurant franchises operating in the province of Quebec, Canada. The first restaurant opened in 1979 in Saint-Hyacinthe, Quebec. During the 1990s, the chain underwent a major renewal plan in which the restaurants' design changed along with the company's colours. The company's fare is typical Canadian fast food, such as burgers, fries, sandwiches and poutine.[62][63]

In August 2011, MTY acquired Jugo Juice for $15.5 million. The Calgary-based franchise operating in the smoothie industry oversaw 133 locations at the time it was acquired.[64][65] In Quebec, the franchises are branded as 'Jus Jugo Juice' under the company's interpretation of Bill 96.

That same month, MTY also purchased the Mr. Sub franchise for $23 million; at the time it was a chain of 335 sandwich shops.[66][67]

In November 2011, MTY acquired the 20 unit Koryo Korean BBQ chain for $1.8 million in cash. Except for one corporately owned store, all units were franchised. The chain had locations in Alberta, British Columbia, Ontario, Quebec and Saskatchewan at the time of the acquisition.[32][68]

MTY acquired the chain Mr. Souvlaki Ltd. on November 26, 2012, for $1 million. The chain had 14 stores at the time, 13 in Ontario and one in British Columbia. At the time of the takeover system-wide sales were $4.5 million.[69][70]

In May 2013, MTY subsidiary MTY Tiki Ming Enterprises Inc. struck an agreement to buy the assets of Mississauga, Ontario-based Extreme Brandz, owner of Extreme Pita, PurBlendz, and Mucho Burrito, for $45 million (U.S.) from the three co-founders, Alex Rechichi, Mark Rechichi and Sean Black.[71] Extreme Brandz's 40 U.S. stores became MTY's first stores in the United States. Of the 364 stores acquired, 5 were corporately owned.

In June 2013, MTY paid $1.05 million to acquire SushiGo, a small chain of five restaurants, two of which were corporately owned.[72]

In October 2013, MTY acquired 80% of the Thai Zone restaurant chain for $17.7 million. At the time of the acquisition, Thai Zone had 25 stores and 3 mobile restaurants in the province of Quebec, all of which were franchised.[73][74]

MTY Food Group announced on July 8, 2014, that it had completed the acquisition of the assets of Café Dépôt, Sushi Man, Muffin Plus, and Fabrika. The total consideration for the transaction was $13.9 million, paid from MTY's cash on hand and existing credit facilities. At closing, the chains were operating 101 stores, including 13 corporately owned stores.[75]

In July 2014, MTY purchased Madison New York Grill & Bar for 12.9 million. The deal involved 14 franchised stores, all located in Quebec.[76][77]

In November 2014, MTY purchased Café Van Houtte from Keurig Canada. The deal involved 51 franchised stores, all located in Quebec.[78][79]

In December 2014, MTY paid $7.9 million from cash on hand to acquire Manchu Wok, which had 133 stores in its operations, 114 of which were franchised and 19 corporately owned.[80][81] During its most recent completed fiscal year, the network generated approximately $95 million in system sales.

In September 2015, MTY paid $3 million to acquire 60% of Big Smoke Burger. Big Smoke founder and president Mustafa Yusuf retained the remaining 40% of the company.[82][83] At the time of the acquisition, Big Smoke Burger had a total of 17 locations. Of the 17 locations, 9 were located in Canada, 4 of which were corporately owned. The remaining 8 locations were in the United States and the Middle East.[83]

In May 2016, MTY announced a friendly takeover deal with the Kahala Brands Ltd restaurant franchise company (2,800 stores worldwide). MTY thereby added 18 American brands to its portfolio, including Cold Stone Creamery, America's Taco Shop, and Kahala Coffee Traders. MTY agreed to pay about US$300 million to acquire Kahala. The two companies generated near $2 billion in revenues in the previous year.[84] The acquisition was completed on July 26, 2016.[85]

In September 2016, MTY announced the pending acquisition of California-based BF Acquisition Holdings, the parent company for Baja Fresh and La Salsa, for US$27 million.[86] The acquisition was completed the following month and the brands were transferred to MTY's Kahala subsidiary.[87]

In December 2016, MTY acquired 60% of the 5-unit ice cream chain La Diperie for $0.9 million paid in cash.[88][89]

In September 2017, MTY acquired the Montreal-based Dagwoods Sandwiches et Salades for $3 million. At the time of the acquisition, the chain had 22 locations in Quebec and 1 in Ontario.[90][91]

In December 2017, MTY bought Imvescor, a restaurant group with about 300 restaurants under the brands Pizza Delight, Bâton Rouge, Scores, Mikes, and Ben & Florentine.

Following an announcement made in February 2018, MTY acquired the assets of Timothy's World Coffee and Mmmuffins from Threecaf Brands, Canada, Inc., a subsidiary of Le Duff America, in April 2018.[92]

In September 2018, MTY agreed to acquire American frozen yogurt chain Sweet Frog for $35 million. The chain had 332 locations at the time.[93]

On 11 December 2018, MTY signed a deal to acquire South St. Burger within 90 days. South St. had 26 franchises and 14 corporate restaurants at the time of the announcement.[94] The acquisition was completed in March 2019 for $4.1 million in cash.[95]

MTY acquired Yuzu Sushi, a Quebec City-based sushi chain, in 2019.[96]

On July 22, 2019, MTY announced that one of its wholly owned subsidiaries acquired most of Allô! Mon Coco, a chain serving gourmet breakfast and lunch.[97]

In April 2019, MTY purchased Vancouver, Washington-based Papa Murphy's Holdings Inc., a take-and-bake pizza chain, for $190 million. Papa Murphy's oversees 1400 restaurants across 37 states.[98]

In August 2022, MTY agreed to merge with BBQ Holdings Inc, a franchisor and operator of restaurants in 37 U.S. states, in Canada, and in the United Arab Emirates.[99]

Canadian franchise operations for other global brands

Within Canada, MTY also operates as a franchise operator for global brands such as TCBY and Yogen Früz. For a time, MTY was also a franchise operator for Taco Time until it became its global owner.

In 2005, MTY purchased TCBY Canada, which held TCBY (The Country's Best Yogurt) franchise rights in Canada, for $1.3 million. At the time there were 91 locations.[100][101]

MTY owns exclusive Canadian franchise rights to Yogen Früz for 20 years that began in 2006 due to a $13 million agreement made with Coolbrands International.[102]

See also

Notes

  • MTY Group Historical Storyline of expansion, acquisitions and milestones

References

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  94. ^ "MTY Group signs deal to acquire South St. Burger chain of restaurants". National Post. 11 December 2018.
  95. ^ "MTY completes the acquisition of South Street Burger Français". CNW Group (Press release). March 21, 2019.
  96. ^ "MTY completes the acquisition of Yuzu Sushi".
  97. ^ "MTY Completes the Acquisition of Allô! Mon Coco".
  98. ^ "MTY Food Group company profile". Retrieved February 5, 2021.
  99. ^ "MTY Food Group to acquire casual dining franchisor and operator BBQ Holdings Inc".
  100. ^ "MTY Food Group Inc.: Binding Agreement Signed for TCBY". Marketwired (Press release). May 3, 2005.
  101. ^ "MTY Food Group Inc.: TCBY Acquisition". Business Wire (Press release). May 3, 2005.
  102. ^ . 2006-02-20. Archived from the original on 2011-04-16.

External links

  • Official website

January 15, 2023
food, group, canadian, franchisor, operator, numerous, casual, dining, fast, casual, quick, service, restaurants, operating, under, more, than, brand, names, some, them, through, wholly, owned, subsidiaries, headquartered, montreal, borough, saint, laurent, qu. MTY Food Group is a Canadian franchisor and operator of numerous casual dining fast casual and quick service restaurants operating under more than 70 brand names some of them through wholly owned subsidiaries 2 Headquartered in the Montreal borough of Saint Laurent Quebec the number of outlets carrying MTY brands reached 5 500 in 2017 Stanley Ma is the group founder President and CEO MTY Food Group s brands include Thai Express Country Style Groupe Valentine Vanelli s Extreme Pita Cultures La Cremiere Sushi Shop Veggirama Caferama O burger Tiki Ming Vie amp Nam Au Vieux Duluth Express FranxSupreme ChicknChick Croissant Plus Koya Japan Kim Chi Panini Tandori Tutti Frutti Villa Madina Mediterranean Cuisine Sukiyaki Taco Time Yogen Fruz and the Canadian branch of TCBY MTY Food Group Inc MTY Food Group office in Richmond HillFormerlyGolden Sky Resources 1986 1994 Golden Sky Ventures International 1994 2000 iNsu Innovations Group 2000 2003 TypePublicTraded asTSX MTYFounded1979 44 years ago 1979 as Le Paradis du PacifiqueFounderStanley MaHeadquartersTrans Canada Highway Saint Laurent QuebecNumber of locations6 719 2021 1 Area servedWorldwideKey peopleEric Lefebvre President and CEO 1 Renee St Onge CFO BrandsList Tiki MingSukiyakiLa CremierePanini Pizza PastaVilla MadinaCulturesThai ExpressVanellisKim Chi TCBY Sushi ShopKoya JapanVie amp NamTandoriO BurgerTutti FruttiTaco TimeCountry StyleBuns MasterValentineJugo JuiceMr SubKoryo Korean BarbequeMr SouvlakiSushi GoMucho BurritoExtreme PitaPurBlendzThaiZoneMadisons New York Grill amp BarCafe DepotMuffin PlusSushi ManVan HoutteManchu WokWasabi Grill amp NoodleTostoBig Smoke BurgerCold Stone CreameryBlimpieSurf City SqueezeThe Great Steak amp Potato CompanyNrGize Lifestyle CafeSamurai Sam s Teriyaki GrillFrullati Cafe amp BakeryRollerzJohnnie s New York PizzeriaRanch OneAmerica s Taco ShopTasti D LitePlanet SmoothieMaui WowiPinkberryBaja Fresh Mexican GrillLa Salsa Fresh Mexican GrillLa DiperieSteak Frites St PaulGiorgio RistoranteThe Works Gourmet Burger BistroDagwoods Sandwiches and SaladsThe Counter Custom BurgersBuilt Custom BurgersBaton RougePizza DelightScoresToujours MikesBen amp FlorentineGrabbagreenTimothy s World CoffeeMmmuffinsSweetFrogCasa GrecqueSouth Street BurgerPapa Murphy sYuzu SushiAllo Mon CocoLa Boite VerteTurtle Jack s Muskoka GrillCOOP Wicked ChickenKuto Comptoir a Tartares 1 Revenue 551 9 million 2021 1 3 63 billion 2021 system wide sales Operating income 382 6 million 2021 1 Net income 169 3 million 2021 1 Total assets 1 90 billion 2021 1 Total equity 648 9 million 2021 1 DivisionsMTY Tiki Ming EnterprisesTaco Time Canada Inc founded as taco foods ltd 1977 Country Style Food Services Holdings Inc founded 1962 Yogen Fruz Canada Inc founded 1986 SubsidiariesKahala BrandsWebsitewww wbr mtygroup wbr comFootnotes references 1 The number of restaurant locations using those brand names more than doubled between 2007 and 2010 3 Since opening the first Tiki Ming restaurant in 1984 MTY launched ten brands and acquired more than twenty others Four of the restaurant chains Vanelli s Caferama Sukiyaki and La Cremiere also operate in the Middle East 4 There used to be a computer and technology division named Gold Tech Computer Systems Ltd but it was spun off in 2003 renaming itself MTY Food Group Inc 5 In 2017 most of its restaurants were located in shopping malls and cinema food courts with others located in convenience stores But by 2019 only 22 of its stores were in food courts 6 The company owes much of its growth to corporate takeovers in 2013 80 of the company s revenue growth was attributable to acquisitions 7 8 9 It operates in Canada United Arab Emirates Jordan and Morocco and in 2009 revenue from franchise fees increased 75 10 11 It joined the Toronto Stock Exchange as a debt free company in June 2010 Prior to this it traded on the TSX Venture Exchange for 15 years under four different names 10 12 13 Of its 2 700 Canadian units 98 are franchisee owned 6 Contents 1 History 2 Brands 2 1 Tiki Ming 2 2 Other brands 2 3 Acquisitions 3 Canadian franchise operations for other global brands 4 See also 5 Notes 6 References 7 External linksHistory EditIn 1979 29 year old Stanley Ma opened a restaurant called Le Paradis du Pacifique on St Martin Blvd in Laval 11 years after he arrived in Canada from Hong Kong In 1984 he opened the first of 56 Tiki Ming restaurants in Canada in Mount Royal s Rockland Centre In 1986 the predecessor company was incorporated as Golden Sky Resources Inc and publicly traded on the Vancouver Stock Exchange now the TSX Venture Exchange in February 1989 The company first went public in 1995 there were 70 locations at the time 6 The name of the company was later changed to Golden Sky Ventures International Inc in 1994 then to iNsu Innovations Group Inc in 2000 14 and then to its current name MTY Food Group Inc in 2003 15 16 It moved from the TSX Venture Exchange to the TSX exchange under the symbol MTY in May 2010 17 one year after it acquired Country Style Food Services Previous logo used from 2011 2016 On November 30 2010 the company created two new subsidiaries when it combined five former ones Country Style Food Services Holdings Inc Buns Master Bakery Systems Inc and Melody Farms Specialty Foods amp Equipment Limited were regrouped into one subsidiary the other came from Mrs Vanelli s Restaurants Limited and MTY Tiki Ming Enterprises Inc The move improved short term cash flow by enabling it to take advantage of non capital tax losses quicker 18 On May 21 2010 president CEO and chairman of MTY Food Group Stanley Ma opened the Toronto Stock Exchange 19 failed verification In 2016 and in a bid for faster expansion MTY offered to buy the Quebec based St Hubert chain of restaurants with its rich chicken product menu MTY s offer was rejected in favour of the purchase of St Hubert brand by Ontario based Cara Operations 20 In December 2017 however MTY announced that it was finishing a purchase deal of Imvescor Restaurant Group Inc a Canadian company with restaurants and food outlets under the five brands Toujours Mikes Pizza Delight Scores Rotisserie Baton Rouge and Ben amp Florentine The purchase tag is reportedly 248 million Canadian dollars in a stock and cash deal and will add another 262 existing outlets of the said brands with a reported annual sales figures of 416 million Canadian dollars The purchase was finalized by the end of February 2018 Imvescor chairman Francois Xavier Seigneur said joining forces with MTY creates opportunities for Imvescor shareholders from an offer he described as representing a full and fair value The combined company is expected to generate about 2 9 billion in annual sales 21 22 In February 2018 MTY announced that it was acquiring two new brands Timothy s and Mmmuffin 23 Brands EditMTY Food Group owns or controls many restaurant brands within Canada and the United States In some cases MTY is a franchise operator within Canada only for chains headquartered outside of Canada such as TCBY and Yogen Fruz In all other cases MTY owns the brand with the brand headquartered in either Montreal or Phoenix and may license to other companies outside of North America 1995 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 q2 2016Number of locations 70 6 248 24 287 24 420 25 428 26 784 27 825 28 1 023 29 1 570 30 1727 1893 31 2251 32 2590 7 2727 2792 5488 33 Tiki Ming Edit Tiki Ming was the first restaurant of the franchised brands of MTY The company was launched in 1984 two years before MTY s predecessor Golden Sky Resources was formed 12 34 The restaurant s website explains that Tiki Ming has become one of Canada s pioneers in the Chinese quick service restaurant industry 35 Additionally each location features the restaurants famous steam table showcasing Chinese comfort foods and dishes made fresh daily Tiki Ming also offers a variety of authentic made to order stir fry dishes prepared with fresh ingredients along with a variety of soups 35 Other brands Edit This section is in list format but may read better as prose You can help by converting this section if appropriate Editing help is available March 2018 In addition to the main Tiki Ming brand the pioneering brand of the group carrying typical Chinese cuisine and fast food MTY Food Group has launched further fast food ethnic based brand food chains including North American European Italian Chinese Japanese Korean Middle Eastern and South Asian menus Sukiyaki 1988 34 Japanese cuisine Franx Supreme 1989 34 36 French Canadian specialties including Quebec s famous Poutine Chain also offers chicken nuggets salads made to order sandwiches hot dogs and burgers Chick n Chick 1995 34 Canadian and American chicken products French fries and fast food Panini Pizza 1995 34 Italian and European sandwiches pizza Caferama 1999 Villa Madina 2003 34 Arab Middle Eastern Mediterranean cuisine KimChi 2007 34 36 Korean cuisine Tandori 2008 34 36 Indian South Asian cuisine O Burger 2008 34 Canadian and American burgers and sandwichesAcquisitions Edit In April 1999 MTY acquired Fontaine Sante a 22 unit health food quick service restaurant chain in Quebec for an undisclosed amount 37 The stores were later rebranded as Veggirama and then rebranded a second time as Cultures 38 Under the name iNsu Innovations MTY acquired the brand La Cremiere in November 2001 which oversaw 74 locations all were in Quebec at the time from Agropur Cooperative for 750 000 39 The acquisition which included the Beaver Tails trade name brought the company s system wide sales up to 50 million 40 In May 2002 MTY then still known as iNsu Innovations Group signed a strategic alliance agreement with Restaurants Au Vieux Duluth inc that allows the company to franchise Au Vieux Duluth Express a quick serve version of Laval based Greek restaurant 41 In September 2002 MTY acquired the 20 unit Croissant Plus for an undisclosed amount 42 In May 2003 MTY then known as iNsu Innovations Group acquired 23 unit Cultures for 9 25 million 43 In June 2004 MTY purchase all 105 Mrs Vanelli s locations plus the Mrs Vanelli s trademarks from Donato Food Corp for an undisclosed amount As part of the purchase agreement MTY entered into a license agreement with a subsidiary of Donato Food Corp to allow the Donato subsidiary to continue to manufacture and distribute Mrs Vanelli s branded food products worldwide 44 45 Thai Express was acquired in May 2004 from Tara Fung Holding Inc of Montreal through then subsidiary Matoyee Enterprises Inc 46 47 In September 2006 MTY acquired the 47 stores of Sushi Shop for 7 6 million The previous owner of the establishment was made vice president after the deal 48 49 50 In October 2006 purchased the 25 unit Koya Japan chain from the Sabbagh Family Trust of Winnipeg for over 3 million 51 52 In June 2008 MTY inaugurated its Vietnamese cuisine concept called Vie amp Nam 53 In September 2008 MTY purchased Tutti Frutti for 7 3 million 54 55 56 In November 2008 MTY acquired Taco Time Canada from Calgarians Ken and Aarol Pattendent for 7 9 million 57 58 59 Taco Time Canada held the franchise rights in Canada for Arizona based Taco Time MTY would later acquire Arizona based Taco Time through the 2016 acquisition of Kahala Brands Country Style was acquired when it had 488 locations in April 2009 for 7 7 million in cash and 6 9 million in debt 10 60 In September 2010 MTY Food Group bought Groupe Valentine Inc s Valentine restaurant brand for 9 3 million with Groupe Valentine becoming a subsidiary of MTY Food Group 61 Valentine is a Canadian chain of over 100 privately owned restaurant franchises operating in the province of Quebec Canada The first restaurant opened in 1979 in Saint Hyacinthe Quebec During the 1990s the chain underwent a major renewal plan in which the restaurants design changed along with the company s colours The company s fare is typical Canadian fast food such as burgers fries sandwiches and poutine 62 63 In August 2011 MTY acquired Jugo Juice for 15 5 million The Calgary based franchise operating in the smoothie industry oversaw 133 locations at the time it was acquired 64 65 In Quebec the franchises are branded as Jus Jugo Juice under the company s interpretation of Bill 96 That same month MTY also purchased the Mr Sub franchise for 23 million at the time it was a chain of 335 sandwich shops 66 67 In November 2011 MTY acquired the 20 unit Koryo Korean BBQ chain for 1 8 million in cash Except for one corporately owned store all units were franchised The chain had locations in Alberta British Columbia Ontario Quebec and Saskatchewan at the time of the acquisition 32 68 MTY acquired the chain Mr Souvlaki Ltd on November 26 2012 for 1 million The chain had 14 stores at the time 13 in Ontario and one in British Columbia At the time of the takeover system wide sales were 4 5 million 69 70 In May 2013 MTY subsidiary MTY Tiki Ming Enterprises Inc struck an agreement to buy the assets of Mississauga Ontario based Extreme Brandz owner of Extreme Pita PurBlendz and Mucho Burrito for 45 million U S from the three co founders Alex Rechichi Mark Rechichi and Sean Black 71 Extreme Brandz s 40 U S stores became MTY s first stores in the United States Of the 364 stores acquired 5 were corporately owned In June 2013 MTY paid 1 05 million to acquire SushiGo a small chain of five restaurants two of which were corporately owned 72 In October 2013 MTY acquired 80 of the Thai Zone restaurant chain for 17 7 million At the time of the acquisition Thai Zone had 25 stores and 3 mobile restaurants in the province of Quebec all of which were franchised 73 74 MTY Food Group announced on July 8 2014 that it had completed the acquisition of the assets of Cafe Depot Sushi Man Muffin Plus and Fabrika The total consideration for the transaction was 13 9 million paid from MTY s cash on hand and existing credit facilities At closing the chains were operating 101 stores including 13 corporately owned stores 75 In July 2014 MTY purchased Madison New York Grill amp Bar for 12 9 million The deal involved 14 franchised stores all located in Quebec 76 77 In November 2014 MTY purchased Cafe Van Houtte from Keurig Canada The deal involved 51 franchised stores all located in Quebec 78 79 In December 2014 MTY paid 7 9 million from cash on hand to acquire Manchu Wok which had 133 stores in its operations 114 of which were franchised and 19 corporately owned 80 81 During its most recent completed fiscal year the network generated approximately 95 million in system sales In September 2015 MTY paid 3 million to acquire 60 of Big Smoke Burger Big Smoke founder and president Mustafa Yusuf retained the remaining 40 of the company 82 83 At the time of the acquisition Big Smoke Burger had a total of 17 locations Of the 17 locations 9 were located in Canada 4 of which were corporately owned The remaining 8 locations were in the United States and the Middle East 83 In May 2016 MTY announced a friendly takeover deal with the Kahala Brands Ltd restaurant franchise company 2 800 stores worldwide MTY thereby added 18 American brands to its portfolio including Cold Stone Creamery America s Taco Shop and Kahala Coffee Traders MTY agreed to pay about US 300 million to acquire Kahala The two companies generated near 2 billion in revenues in the previous year 84 The acquisition was completed on July 26 2016 85 In September 2016 MTY announced the pending acquisition of California based BF Acquisition Holdings the parent company for Baja Fresh and La Salsa for US 27 million 86 The acquisition was completed the following month and the brands were transferred to MTY s Kahala subsidiary 87 In December 2016 MTY acquired 60 of the 5 unit ice cream chain La Diperie for 0 9 million paid in cash 88 89 In September 2017 MTY acquired the Montreal based Dagwoods Sandwiches et Salades for 3 million At the time of the acquisition the chain had 22 locations in Quebec and 1 in Ontario 90 91 In December 2017 MTY bought Imvescor a restaurant group with about 300 restaurants under the brands Pizza Delight Baton Rouge Scores Mikes and Ben amp Florentine Following an announcement made in February 2018 MTY acquired the assets of Timothy s World Coffee and Mmmuffins from Threecaf Brands Canada Inc a subsidiary of Le Duff America in April 2018 92 In September 2018 MTY agreed to acquire American frozen yogurt chain Sweet Frog for 35 million The chain had 332 locations at the time 93 On 11 December 2018 MTY signed a deal to acquire South St Burger within 90 days South St had 26 franchises and 14 corporate restaurants at the time of the announcement 94 The acquisition was completed in March 2019 for 4 1 million in cash 95 MTY acquired Yuzu Sushi a Quebec City based sushi chain in 2019 96 On July 22 2019 MTY announced that one of its wholly owned subsidiaries acquired most of Allo Mon Coco a chain serving gourmet breakfast and lunch 97 In April 2019 MTY purchased Vancouver Washington based Papa Murphy s Holdings Inc a take and bake pizza chain for 190 million Papa Murphy s oversees 1400 restaurants across 37 states 98 In August 2022 MTY agreed to merge with BBQ Holdings Inc a franchisor and operator of restaurants in 37 U S states in Canada and in the United Arab Emirates 99 Canadian franchise operations for other global brands EditWithin Canada MTY also operates as a franchise operator for global brands such as TCBY and Yogen Fruz For a time MTY was also a franchise operator for Taco Time until it became its global owner In 2005 MTY purchased TCBY Canada which held TCBY The Country s Best Yogurt franchise rights in Canada for 1 3 million At the time there were 91 locations 100 101 MTY owns exclusive Canadian franchise rights to Yogen Fruz for 20 years that began in 2006 due to a 13 million agreement made with Coolbrands International 102 See also EditList of Canadian restaurant chainsPortals Canada Companies FoodNotes EditMTY Group Historical Storyline of expansion acquisitions and milestonesReferences Edit a b c d e f g h i 2021 Annual Report PDF MTY Food Group Inc Retrieved September 15 2022 MTY provides additional information regarding changes in senior management CNW Group Press release June 11 2018 MTY Food Group increases revenue in q1 2010 04 07 Archived from the original on 2010 12 25 insu innovations group inc announcement 2003 06 09 iNsu Innovations Group Inc Announcement businesswire 2003 06 09 dead link a b c d Company of the year MTY Food Group December 3 2018 a b MTY 2013 AR PDF February 12 2014 Archived from the original PDF on February 26 2015 2nd quarter results MTY Foods Inc Archived from the original on 2011 09 30 Quebec chain of restaurants gobbled up by MTY Food Group 2010 08 16 permanent dead link a b c MTY food group headed to the tsx 2010 05 04 2nd quarter results MTY Foods Inc Retrieved 2010 07 03 a b king of the food courts Montreal Gazette 2007 01 08 archived from the original on 2013 11 27 MTY Food Group ci Retrieved 2010 07 01 Golden Sky Ventures International Inc GLF V Changes Name to iNsu Innovations Group Inc Le Groupe iNsu Innovations Inc INU V PDF Golden Sky Ventures International Inc Press release July 25 2000 TSX Venture company summary Retrieved 2010 07 03 iNsu Innovations Group Inc Announcement Business Wire Press release June 9 2003 Standard amp Poor s Announces Changes in the S amp P TSX Venture Composite Index Yahoo Finance 2010 05 11 dead link AMALGAMATION OF SUBSIDIARIES CNW Group Press release 2010 11 29 MTY Food Group opens the market 2010 05 21 Archived from the original on 2013 02 04 MTY a peut etre rate St Hubert mais avale sa rivale Imvescor Les Affaires in French 12 December 2017 Retrieved 16 December 2017 MTY Food Group signs deal to buy Imvescor Restaurant Group for 248 million CBC News December 12 2017 MTY Food Group Completes Combination with Imvescor Restaurant Group CNW Group Press release March 1 2018 MTY Food Group Inc buying Timothy s and Mmmuffins for 1 675 million Montreal Gazette February 15 2018 a b MTY Food Group Inc 2003 Year End Results 2004 03 09 2004 year end results 2004 11 30 third quarter results 2005 10 13 2005 year end results 2006 03 07 3rd quarter 2007 11 30 mty food group incorporated corporate information Archived from the original on 2011 07 17 Retrieved 2010 07 03 a href Template Cite web html title Template Cite web cite web a CS1 maint bot original URL status unknown link MTY Details Retrieved 2010 07 03 MTY Food Group s Q3 revenue up 21 2011 10 04 a b MTY completes acquisition of Koryo Korean BBQ Franchise Corporation November 11 2011 MTY Food Group Doubled In Size 2016 07 29 a b c d e f g h i Blackwell Richard March 26 2017 Stanley Ma An empire on a plastic tray The Globe and Mail Retrieved November 15 2017 a b Tikiming Chinese Cuisine Cuisine Chinoise Retrieved 2021 01 12 a b c Pachner Joanna April 25 2011 The food court king Canadian Business Retrieved November 15 2017 Acquisition of 100 of Fontaine Sante Canada Inc and Fontaine Sante Canabec Inc PDF Press release Golden Sky Ventures International Inc April 1 1999 Our History MTY Group Newsrelease PDF Press release iNsu Innovations Group Inc November 5 2001 iNsu Innovations Group Inc Acquisition of 100 of La Cremiere Ice Cream Bar From Agropur 2001 11 05 Archived from the original on 2008 02 02 Newsrelease PDF Press release iNsu Innovations Group Inc May 2 2002 Closed Acquisition of Croissant Plus PDF Press release iNsu Innovations Group Inc September 3 2002 iNsu Innovations Group Inc Cultures Acquisition Closed Business Wire Press release May 5 2003 MTY Food Group Inc Proposed Share Acquisition of 100 of Mrs Vanelli s Restaurants Limited Business Wire Press release April 21 2004 MTY Food Group Inc Mrs Vanellis Acquisition Closed Business Wire Press release June 21 2004 MTY Food Group Inc Thai Express Acquisition Closed all business 2004 05 20 Archived from the original on 2008 03 15 MTY Food Group Inc Thai Express Acquisition Closed Business Wire Press release May 20 2004 Le Groupe MTY fait l acquisition de Sushi Shop in French canoe 2006 07 21 Archived from the original on 2012 07 09 MTY Food Group Inc Proposed Acquisition of Sushi Shop and Sushi Shop Express Marketwired Press release July 21 2006 MTY Food Group Inc Sushi Shop Acquisition Closed Marketwired Press release September 6 2006 MTY Food Group Inc Proposed Share Acquisition of 100 of Koya Japan Inc Marketwired Press release September 7 2006 MTY Food Group Inc Koya Japan Acquisition Closed Marketwired Press release October 20 2006 MTY Food Group Inc Q2 2008 Results CNW Group Press release July 14 2008 MTY Food Group to buy Quebec Tutti Fruitti outlets MTY Food Group Inc says it will buy 30 Tutti Fruiti outlets in Quebec for an undisclosed amount of cash Toronto Star August 22 2008 MTY Food Group Proposed Acquisition of Tutti Frutti Chain Marketwired Press release August 22 2008 MTY Food Group Inc Tutti Frutti Acquisition Closed Marketwired Press release September 15 2008 MTY takes over Taco Time in Canada Restaurant News Retrieved 2008 10 31 MTY Food Group Binding Agreement Signed With Taco Time Canada Inc Marketwired Press release September 17 2008 MTY Food Group Inc Taco Time Acquisition Closed Marketwired Press release November 3 2008 Montreal s MTY buys Country Style doughnut chain 2009 04 13 MTY Food Group tightens grip on Quebec with Groupe Valentine purchase August 16 2010 permanent dead link Van Praet Nicolas August 17 2010 MTY adds to Quebec fast food holdings National Post Retrieved November 16 2017 Menu Hot dogs Valentine ca Retrieved 2017 11 15 Mty Enters Into An Agreement to Acquire Jugo Juice CNW Group Press release April 27 2011 MTY completes acquisition of Jugo Juice CNW Group Press release August 24 2011 Blackwell Richard August 18 2011 MTY Food swallows Mr Submarine The Globe and Mail theglobeandmail com dead link MTY Food Group acquires Mr Submarine for 23M Toronto Star August 18 2011 MTY enters into an agreement to acquire Koryo Korean BBQ CNW Group Press release August 15 2011 MTY Food Group takes on new Mr Souvlakis in 1 million asset acquisition Global News July 26 2012 MTY completes acquisition of Mr Souvlaki Ltd CNW Group Press release September 26 2012 Marotte Bertrand May 28 2013 Montreal s MTY to buy Extreme Pita other brands The Globe and Mail MTY completes the acquisition of SushiGo CNW Group Press release June 3 2013 MTY to acquire 80 of Thai Zone restaurant chain for 17 8 million Canadian Business August 13 2013 Retrieved November 15 2017 MTY completes the acquisition of Thai Zone CNW Group Press release October 1 2013 MTY completes the acquisition of Cafe Depot Sushi Man Muffin Plus and Fabrika CNW Group Press release October 31 2014 MTY enters into an agreement to acquire the assets of Madisons New York Grill amp Bar CNW Group Press release April 10 2014 MTY completes the acquisition of Madisons New York Grill amp Bar CNW Group Press release July 21 2014 Praet Nicolas Van November 7 2014 Keurig sells Quebec based Van Houtte chain to MTY The Globe and Mail MTY Food Group and Keurig Canada Announce Agreement Taking Van Houtte Branded Cafe Bistros into New Era CNW Group Press release November 7 2014 Ma Stanley 18 December 2014 MTY completes the acquisition of Manchu Wok SenseAsian and Wasabi Grill amp Noodle Press release CNW Group MTY to buy Manchu Wok Canadian Restaurant News October 24 2014 MTY enters into an agreement to acquire 60 of Big Smoke Burger CNW Group Press release August 19 2015 a b MTY completes the acquisition of Big Smoke Burger CNW Group Press release September 18 2015 MTY Foods set to double in size with acquisition of Kahala Brand Montreal Gazette May 25 2016 Archived from the original on 2016 05 26 MTY Completes the Acquisition of Kahala Brands Ltd July 26 2016 Retrieved July 10 2018 Luna Nancy 2016 09 12 Irvine owner of Baja Fresh sold for 27 million to restaurant company tied to Pinkberry Orange County Register Retrieved 2016 10 20 MTY completes the acquisition of Baja Fresh Mexican Grill and La Salsa Fresh Mexican Grill CNW Group Press release October 5 2016 MTY enters into an agreement to acquire the assets of La Diperie CNW Group Press release November 29 2016 MTY completes the acquisition of La Diperie CNW Group Press release December 9 2016 MTY Food Group Subsidiary Acquires Dagwoods Foodservice Equipment amp Supplies magazine 2017 06 21 Retrieved 2017 11 15 MTY completes the acquisition of Dagwoods Sandwiches and Salads CNW Group Press release September 29 2017 MTY completes the acquisition of Timothy s World Coffee and Mmmuffins CNW Group Press release April 5 2018 MTY to acquire sweetFrog Premium Frozen Yogurt for 35m FoodBev Media Archived from the original on 2018 09 27 MTY Group signs deal to acquire South St Burger chain of restaurants National Post 11 December 2018 MTY completes the acquisition of South Street Burger Francais CNW Group Press release March 21 2019 MTY completes the acquisition of Yuzu Sushi MTY Completes the Acquisition of Allo Mon Coco MTY Food Group company profile Retrieved February 5 2021 MTY Food Group to acquire casual dining franchisor and operator BBQ Holdings Inc MTY Food Group Inc Binding Agreement Signed for TCBY Marketwired Press release May 3 2005 MTY Food Group Inc TCBY Acquisition Business Wire Press release May 3 2005 Yogen Fruz changing hands 2006 02 20 Archived from the original on 2011 04 16 External links EditOfficial website Retrieved from https en wikipedia org w index php title MTY Food Group amp oldid 1125485957, wikipedia, wiki, book, books, library,

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