As part of a $111.8 million string of acquisitions, Meritage Hospitality Group Inc. (OTCQX: MHGU) will take on eight new Wendy’s locations in Michigan, including its first locations in southeast Michigan.
The Grand Rapids-based operator of Wendy’s restaurants and other casual sit-down brands said in a statement today that as part of its acquisition of 69 new locations, eight will be in Michigan, including in Cedar Springs, Big Rapids and Cadillac, as well five other locations in metropolitan Detroit.
“We are delighted to have the opportunity to expand our existing Wendy’s footprint in Michigan with this group of seasoned restaurants,” Meritage Hospitality CEO Robert Schermer said in a statement. “We intend to integrate each of the newly acquired locations into our unique web-based operating & accounting platform, followed by a remodeling program to update the restaurants and enhance the guest experience.”
The company plans to complete acquisitions of an additional 61 Wendy’s in Midwest and Mid-Atlantic states in the second quarter of this year, according to a spokesperson for the company.
The company is raising $10.5 million in equity from qualified investors to support the acquisitions, according to a regulatory filing.
Meritage Hospitality currently operates 181 restaurants in eight states, with the majority being Wendy’s locations. Additionally, the company owns and operates a growing amount of casual sit-down restaurants, including The Wheelhouse in downtown Grand Rapids.
Executives previously told MiBiz they expected generate $230 million in sales for 2016, but the company has yet to release its latest earnings.