Meritage Hospitality Group Inc. announced July 14 that it has acquired six Wendy’s restaurants in Jacksonville.
The franchise group, based in Grand Rapids, Michigan, said it would fund the acquisition with cash and expected the six restaurants to generate $11 million in annual sales.
Terms were not disclosed.
“The acquisition of the six additional Jacksonville-area restaurants is consistent with the company’s five-year growth plan to expand its operating base to 400 Wendy’s restaurants,” Robert Schermer Jr., CEO of Meritage, said in a statement. a statement.
“Currently operating 54 Wendy’s restaurants in North Florida, we will immediately integrate the acquired restaurants into our operations and accounting platforms,” Schermer said.
He said the newly acquired restaurants will be added to Meritage’s Wendy’s renovation schedule, which is designed to modernize restaurants.
Meritage said it has updated its development commitment to build 51 Wendy’s by the end of 2025.
It said it was on track to hit a record number of new Wendy’s restaurants in 2022 in its 16 operating states.
“Restaurant acquisitions, renovations and new restaurant development are important parts of our growth-oriented business model, providing opportunities for employees and investors,” Schermer said.
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