- Meritage Hospitality Group ( OTCQX:MHGU ) has acquired six Wendy’s restaurants located in the Jacksonville, Florida area.
- The company funded the acquisition with cash on hand and expects the six additional restaurants to add ~$11M in annual sales and be accretive to earnings.
- The company intends to build 51 Wendy’s restaurants by the end of 2025 under a development agreement and is on pace for a record number of new Wendy’s restaurants in 2022 across its 16 states of operation.
- The company expects a strong second half with sales growth of 10% to 15% and dividend growth of 10% to 15%.
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“The acquisition of the six additional Jacksonville area restaurants is consistent with the Company’s 5-year growth plan to expand its operating base to 400 Wendy’s restaurants. Currently operating 54 Wendy’s restaurants in northern Florida, we will immediately integrate the acquired restaurants into our operating and accounting platforms. The newly acquired restaurants will be added to our Wendy’s remodeling schedule, which is designed to modernize the restaurants and enhance the overall guest experience,” stated CEO, Robert Schermer, Jr.
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Meritage acquires six Wendy’s restaurants located in Jacksonville, Florida; expects a strong second half