MONCTON, NB, Nov. 29, 2013 /CNW Telbec/ - Imvescor Restaurant Group Inc. ("Imvescor" or the "Company") (TSX: IRG) announced today that a wholly owned subsidiary of Imvescor has acquired
the manufacturing facility, customer relationships, the trademark
''Commensal'' as well as all associated retail products marketed under
the Commensal brand. The Commensal revenues over the last 12 months
were approximately $10.0 million.
The transaction was completed as an asset purchase without assumption of
any of the previous owners pre-closing liabilities. The transaction was
approved by the court monitoring the insolvency proceedings of
Commensal SEC. The purchase price was approximately $4.2 million. IRG
intends to build up Commensal's presence in the retail space,
particularly in the fresh soup category, where Commensal occupies 80%
of the market in Quebec.
In addition, the facility will allow IRG to over time produce food items
for a number of products currently being produced by third parties. The
plant will equally begin providing IRG's proprietary food items to all
four of its restaurant brands: Bâton Rouge, Scores, Mikes and Pizza
Denis Richard, IRG's CEO said: "We are extremely excited about this
opportunity as it will permit us to vertically integrate our operations
under very attractive conditions. We had this objective in sight over
the long term but the much lower cost of entry offered by the Commensal
opportunity compelled us to accelerate our strategic objectives.
The ability to gain access to manufacturing margins will additionally
permit us to service our franchisees with a continued focus on
competitive pricing and high quality food items."
About Imvescor Restaurant Group Inc.
Headquartered in Moncton, New Brunswick, Imvescor Restaurant Group owns
franchised and corporate stores throughout Canada, under four brands:
Pizza Delight® operates primarily in Atlantic Canada, where it
dominates the family/mid-scale segment. Mikes® and Scores® restaurants
operate primarily in Quebec in the family and casual dining segments
and the take-out and delivery segments. Bâton Rouge® operates in
Quebec, Ontario, Alberta and Nova Scotia in the casual dining segment.
Cautionary Note Regarding Forward-Looking Statements
Certain information in this press release regarding the Company,
including, but not limited to, the Company's business objectives,
estimates, outlook, strategies and priorities, and other statements
that are not historical facts, are "forward-looking statements" within
the meaning of applicable securities laws. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
outside the Company's control referenced in the Company's continuous
disclosure filings which are available on SEDAR at www.sedar.com. Although the forward-looking statements contained herein are based
upon what the Company believes to be reasonable assumptions on the date
of this press release, the Company cannot assure investors that actual
results will be consistent with these forward-looking statements. The
Company assumes no obligation to update such forward-looking statements
to reflect new information, future events or otherwise, except as
required by applicable securities laws.
SOURCE: Imvescor Restaurant Group Inc.
For further information:
Chief Executive Officer
Imvescor Restaurant Group Inc.
More information about our brands:
Pizza Delight®: www.pizzadelight.com
Bâton Rouge®: www.batonrougerestaurants.com