MONCTON, NB, Sept. 8, 2014 /CNW/ - Imvescor Restaurant Group Inc. (the "Company") (TSX: IRG) announced today that it has concluded its previously
announced review of strategic alternatives and appointed Mr. Frank
Hennessey as President and Chief Executive Officer and as a director,
The special committee of the Board of Directors (the "Special Committee") has concluded, after careful consideration, exchanges with various
interested parties, and receiving the input of its financial and legal
advisors, that none of the alternatives considered could reasonably
lead to a strategic transaction that would adequately reflect the
Company's value and prospects. As such, further to a recommendation of
the Special Committee, the Board of Directors has decided to conclude
the review process and appoint Mr. Hennessey as President and Chief
Executive Officer. The Board intends to review the capital allocation
policy of the Company with the input of the new President and Chief
Executive Officer. This review will include the assessment of different
alternatives to maximize and create value for the Company's
shareholders, including the possible establishment of a dividend.
Mr. Hennessey is a restaurant professional with over 27 years of
experience in both franchise and corporate environments in both Canada
and the United States. Until its recent sale, he was the President &
Chief Executive Officer of Bento Sushi, a North American private-equity
owned sushi concept with over 400 sushi bars in both Canada and the
United States. Prior to his tenure as President & Chief Executive
Officer of Bento Sushi, Mr. Hennessey spent 11 years at Cara Operations
Limited in different roles, including President of Harvey's Restaurants
and Senior Vice-President of Guest Experience, and also worked for 11
years at Darden Restaurants. Mr. Hennessey has a wide range of
experience with restaurant operations, product development, food
manufacturing, retailing to grocery chains, marketing and supply chain
management. Mr. Hennessey holds an undergraduate degree from Western
University and a Master of Business Administration from the Rotman
School of Management at the University of Toronto.
"Frank has a track record of turning around restaurant and franchise
concepts as evidenced by the operational improvements at Bento Sushi
and Harvey's Restaurant under his leadership. The Board looks forward
to working with him to maximize the potential of Imvescor" said Mr.
François-Xavier Seigneur, Chairman of the Corporate Governance, Human
Resources and Compensation Committee.
"I am excited and honored to work with Imvescor. I look forward to
working with the restaurant owners, management team, employees, board
and all our other stakeholders during this exciting time. Imvescor's
brands are well established and in my view will return to healthy
growth by partnering with our franchisee community to increase value
for our guests that will result in increased traffic and higher same
restaurant sales" commented Mr. Hennessey.
Mr. Yves Devin, who had been appointed as Chief Operating Officer in
connection with the review process, will resign from his position in
the near future following a short transition period. The Board of
Directors wishes to thank Mr. Devin, who has proven himself as a
strategic, disciplined and focused executive during the Company's
search for a new President and Chief Executive Officer, and wishes him
every success in his future endeavors.
About Imvescor Restaurant Group Inc.
Headquartered in Moncton, New Brunswick, Imvescor Restaurant Group Inc.
owns franchised and corporate restaurants throughout Canada under four
brands: Pizza Delight®, operating primarily in Atlantic Canada, where it dominates the
family/mid-scale segment, Mikes® and Scores®, operating primarily in Québec in the family and casual dining segments
and the take-out and delivery segments, and Bâton Rouge®, operating in Québec, Ontario and Nova Scotia in the casual dining
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, including statements
regarding allocation of capital and return of value to shareholders,
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 readers that actual
results will be consistent with these forward-looking statements and
readers should not place undue reliance on the Company's
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 Financial Officer
Imvescor Restaurant Group Inc.
For more information about our brands:
Pizza Delight®: www.pizzadelight.com
Bâton Rouge®: www.batonrougerestaurants.com