MONTREAL, Dec. 1, 2017 /CNW/ - Imvescor Restaurant Group Inc. ("IRG" or the "Company") (TSX: IRG) is pleased to announce today that its wholly owned subsidiary, Groupe Commensal Inc., has, pursuant to a definitive purchase agreement entered into on November 30, 2017, completed the sale of substantially all of its assets related to the manufacturing of Commensal products to a company owned by George Kyres for an aggregate sum of approximately $4,250,000, subject to customary purchase price adjustments.
During the first quarter of fiscal 2017, management committed to a plan to sell the Commensal operations, which is consistent with Imvescor's desire to focus on its core business of restaurant franchising.
"The staff and management of Commensal have been a great team to work with and they continue to produce an exceptional product and will continue to be a supplier of Imvescor. We know that under the guidance of George Kyres and his team, Commensal will continue to grow. We look forward to a seamless transition for our customers, suppliers and partners. Consistent with the objectives of our strategic plan, the acquisition of Ben & Florentine and now the divesture of Commensal, we have an asset light business structure that allows us to focus on growing our core restaurant franchise and retail businesses.", said Frank Hennessey, President and Chief Executive Officer of IRG.
"Companies are really about people—the people of Commensal are committed, talented, passionate people. Together, we stand for putting our customers first, treating people with respect, and thinking creatively as we continue to grow the brand. I am thrilled to welcome the Commensal staff and management to our family. We are very excited about what the future has in store for Commensal." said George Kyres, owner.
About Imvescor Restaurant Group Inc. Imvescor Restaurant Group Inc. is a dynamic and innovative organization in the family and casual dining restaurant industry. The Company is a franchise and licensing business that operates restaurants in Eastern Canada under five banners: Bâton Rouge®, operating in Québec, Ontario and Nova Scotia in the casual dining segment, Pizza Delight®, operating primarily in Atlantic Canada, in the family/mid-scale segment, Scores® and Toujours Mikes, operating primarily in Québec in the family and casual dining segments and the take-out and delivery segments, and Ben & Florentine®, operating primarily in Québec, with individual stores in Ontario and Manitoba, in the breakfast and lunch industry. The Company also licenses to third parties the right to manufacture and sell prepared food products under the Bâton Rouge®, Pizza Delight®, Scores® and Toujours Mikes brands.
SOURCE Imvescor Restaurant Group Inc.
For further information: Imvescor Restaurant Group Inc: 514.341.5544, http://www.imvescor.ca; Investor Relations: [email protected]; Frank Hennessey, President and Chief Executive Officer; Tania M. Clarke, Chief Financial Officer; Media Relations: ACJ Communication, Daniel Granger, 514.840.7990