SOURCE: Meritage Hospitality Group

Meritage Hospitality Group

October 02, 2012 08:47 ET

Meritage Reports Acquisition of Wendy's Restaurants in North Carolina & South Carolina

GRAND RAPIDS, MI--(Marketwire - Oct 2, 2012) - Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation's premier restaurant operators, today announced the acquisition of three additional Wendy's restaurants located in the Charlotte, N.C. designated market area.

Meritage continues to invest in the long term fundamentals of the Wendy's restaurant brand revitalization and remains committed to building its operating leverage in Southeastern U.S. markets. The company now owns and operates Wendy's restaurants in Florida, Georgia, Michigan, North and South Carolina.

"The acquisition, re-imaging and modernization of Wendy's restaurants remain a hallmark of our growth strategy and we welcome the more than 75 new employees to the Meritage family," stated Robert Schermer, Jr., CEO of Meritage Hospitality Group Inc.

This Wendy's restaurant acquisition adds approximately $4.0 million in annual sales and is forecasted to be accretive to earnings in the first year of operations. Meritage remains focused on executing its "150 by 2015" restaurant growth plan, which targets expanding its core restaurant operating platform in both existing and new designated market areas.

The Company is currently implementing major capital improvements in nineteen Wendy's restaurants, including interior and exterior re-imaging. The Carolina restaurants will also include installation of the Company's back-of-house operating and accounting systems.

Meritage Hospitality Group is one of the nation's premier restaurant operators, with 92 restaurants in North America. Meritage is headquartered in Grand Rapids, Michigan operating with approximately 3,000 employees. 

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