Published in Breaking News

Meritage Hospitality acquires 10 Wendy’s locations in Oklahoma City area

BY MiBiz Staff Wednesday, August 10, 2016 02:18pm

GRAND RAPIDS — Meritage Hospitality Group Inc., a Grand Rapids-based restaurant operator, today announced the acquisition of 10 more Wendy’s stores in the Oklahoma City area.

Meritage Hospitality (OTCQX: MHGU), which operates Wendy’s locations and casual dining restaurants in eight different states, now owns 18 locations in the Oklahoma City metropolitan area, according to a statement.

The company said that the 10 newly acquired locations will add $13.8 million in annual sales, this year projected to be around $230 million, as MiBiz has previously reported.

Meritage Hospitality executives said in a statement that the new stores will immediately begin the integration process into the company’s web-based operating and accounting systems, with remodels planned for later.

The company acquired the new locations with a combination of cash-on-hand and debt financing, according to a statement.

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