MTY Food Group
Encyclopedia
MTY Food Group is a Canadian franchisor and operator of numerous quick service restaurants operating under 26 brand names, some of them through wholly owned subsidiaries. They include:
and the Canadian branches of Yogen Fruz
, Taco Time
, and TCBY
.
On August 18, 2011, MTY Food Group announced that it would acquire Mr. Sub
, a chain of 335 sandwich shops, at the end of October 2011 for $23 million.
The number of restaurant locations using those brand names more than doubled between 2007 and 2010. Since opening the first Tiki Ming restaurant in 1984, MTY launched ten brands and acquired sixteen others. Four of the restaurant chains -- Vanelli's, Caferama, Sukiyaki, and La Cremiere -- also operate in the Middle East
. There used to be a computer and technology division named Gold Tech Computer Systems Ltd., but it was spun off in 2003, renaming itself MTY Food Group Inc.
Most of its restaurants are located in shopping mall and cinema food courts while others are in convenience stores. The Saint-Laurent, Quebec
-based company was founded in 1979 and presently oversees more than 1,741 quick service restaurants (1,605 in the second quarter of the 2010 fiscal year, 95 acquired later from Groupe Valentine Inc., and 41 net opened by February 2011). It operates in Canada, Dubai, Jordan and Morocco and in 2009 revenue from franchise fees increased 75%. In the three years prior to joining the Toronto Stock Exchange
as a debt-free company in June 2010, the number of locations doubled. Before that, it had traded on the TSX Venture Exchange for 15 years under four different names.
On May 21, 2010, president, CEO, and chairman of MTY Food Group Stanley Ma opened the Toronto Stock Exchange.
It moved from the TSX Venture Exchange to the TSX exchange under the symbol MTY in May 2010.
On November 30, 2010 the company created two new subsidiaries when it combined five former ones. Country Style Food Services Holdings Inc, Buns Master Bakery Systems Inc. and Melody Farms Specialty Foods & Equipment Limited regrouped into one subsidiary, the other came from Mrs. Vanelli's Restaurants Limited and MTY Tiki Ming Enterprises Inc. The move improved short term cash flow by enabling it to take advantage of non-capital tax losses quicker.
was a St-Hyacinthe, Quebec-based quick service restaurant chain specializing in hot dogs, fries and hamburgers, similar to MTY's Franx Supreme restaurant chain. At the time, all 95 locations (86 franchised and 9 corporate owned) were in Quebec, most in rural areas. The brand rights were purchased in August 2010 in a $9.3 million deal that included a distribution centre among seven retail properties. The agreement was made in August however the deal didn't close until September 2010.
Sukiyaki
- Thaï ExpressThai ExpressThai Express is a chain of restaurants serving Thai cuisine.The first restaurant was opened in Holland Village in Singaporein May 2002. Since then, there have been other outlets in Malaysia, Indonesia, Vietnam, Australia, Mongolia...
, - Country StyleCountry StyleCountry Style, formerly Country Style Donuts, is a chain of coffee shops operating primarily in the Canadian province of Ontario , which serves donuts, soup, sandwiches, salads, and coffee. The chain is based in Richmond Hill, Ontario.-Organization:In January 2006, there were 120 "traditional"...
, - Groupe ValentineValentine (Restaurant)Valentine is a chain of over 100 privately owned restaurant franchises operating in the province of Quebec, Canada.The first restaurant opened in 1979 in Saint-Hyacinthe, Quebec...
, - Vanelli's,
- Cultures,
- La Cremiere,
- Sushi Shop,
- Veggirama,
- Caferama,
- O'burger,
- Tiki Ming,
- Vie & Nam,
- Au Vieux Duluth Express,
- FrankxSupreme,
- ChicknChick,
- Croissant Plus,
- Koya Japan,
- Kim Chi,
- Panini,
- Tandori,
- Tutti Frutti,
- Villa Madina Mediterranean Cuisine,
- Sukiyaki,
and the Canadian branches of Yogen Fruz
Yogen Früz
Yogen Früz is an international chain of frozen yogurt and smoothie stores that also serves healthy alternative food products. Through company-owned, franchised, and non traditional partnerships, Yogen Früz is the largest franchisor and licensor of stores and other locations that serve primarily...
, Taco Time
Taco Time
Taco Time is a fast-food restaurant chain specializing in a limited menu of Mexican foods. The chain offers dine-in, take away, and drive through at about 300 locations....
, and TCBY
TCBY
TCBY is an international franchise chain of frozen yogurt stores based in the United States. It is the largest U.S. retailer of soft-serve frozen yogurt with live active cultures....
.
On August 18, 2011, MTY Food Group announced that it would acquire Mr. Sub
Mr. Sub
Mr. Sub, originally called Mr. Submarine before the 1990s, is a chain of 335 submarine sandwich shops in Canada. The first store was opened in 1968 in Toronto's Yorkville neighbourhood, which was then known for its "hippie" culture....
, a chain of 335 sandwich shops, at the end of October 2011 for $23 million.
The number of restaurant locations using those brand names more than doubled between 2007 and 2010. Since opening the first Tiki Ming restaurant in 1984, MTY launched ten brands and acquired sixteen others. Four of the restaurant chains -- Vanelli's, Caferama, Sukiyaki, and La Cremiere -- also operate in the Middle East
Middle East
The Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...
. There used to be a computer and technology division named Gold Tech Computer Systems Ltd., but it was spun off in 2003, renaming itself MTY Food Group Inc.
Most of its restaurants are located in shopping mall and cinema food courts while others are in convenience stores. The Saint-Laurent, Quebec
Saint-Laurent, Quebec
Saint-Laurent is a former city on the Island of Montreal in southwestern Quebec, Canada. It is now the largest in area of the boroughs of the city of Montreal....
-based company was founded in 1979 and presently oversees more than 1,741 quick service restaurants (1,605 in the second quarter of the 2010 fiscal year, 95 acquired later from Groupe Valentine Inc., and 41 net opened by February 2011). It operates in Canada, Dubai, Jordan and Morocco and in 2009 revenue from franchise fees increased 75%. In the three years prior to joining the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
as a debt-free company in June 2010, the number of locations doubled. Before that, it had traded on the TSX Venture Exchange for 15 years under four different names.
On May 21, 2010, president, CEO, and chairman of MTY Food Group Stanley Ma opened the Toronto Stock Exchange.
History
The origins of the company go back to 1979 when 29-year-old Stanley Ma opened a restaurant called Le Paradis du Pacifique on St. Martin Blvd in Laval, 11 years after he arrived in Canada from Hong Kong. In 1984 he opened the first of 56 Tiki Ming restaurants in Canada in Montreal's Rockland Mall. In 1986 it was incorporated as Golden Sky Resources Inc. and publicly traded on the TSX Venture Exchange in February 1989. The name of the company was changed twice, first to Golden Sky Ventures International Inc., then to iNsu Innovations Group Inc., before adopting its current name MTY Food Group Inc. in July 2003.It moved from the TSX Venture Exchange to the TSX exchange under the symbol MTY in May 2010.
On November 30, 2010 the company created two new subsidiaries when it combined five former ones. Country Style Food Services Holdings Inc, Buns Master Bakery Systems Inc. and Melody Farms Specialty Foods & Equipment Limited regrouped into one subsidiary, the other came from Mrs. Vanelli's Restaurants Limited and MTY Tiki Ming Enterprises Inc. The move improved short term cash flow by enabling it to take advantage of non-capital tax losses quicker.
| 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011(3q) | |
|---|---|---|---|---|---|---|---|---|---|---|
| Number of locations | 248 | 287 | 420 | 428 | 784 | 825 | 1,023 | 1,570 | 1727 | 1893 |
Acquisitions
Country Style
Country Style was acquired when it had 488 locations, in April 2009 for $7.7 million in cash and $6.9 million in debt.Groupe Valentine Inc.
Groupe Valentine Inc.Valentine (Restaurant)
Valentine is a chain of over 100 privately owned restaurant franchises operating in the province of Quebec, Canada.The first restaurant opened in 1979 in Saint-Hyacinthe, Quebec...
was a St-Hyacinthe, Quebec-based quick service restaurant chain specializing in hot dogs, fries and hamburgers, similar to MTY's Franx Supreme restaurant chain. At the time, all 95 locations (86 franchised and 9 corporate owned) were in Quebec, most in rural areas. The brand rights were purchased in August 2010 in a $9.3 million deal that included a distribution centre among seven retail properties. The agreement was made in August however the deal didn't close until September 2010.
La Cremiere
Under the name iNsu Innovations, it acquired the franchise rights to the brand La Cremiere in November 2001, which oversaw 74 locations (all were in Quebec at the time). The naming rights which also included Beaver Tails, brought the company's system wide sales up to $50 million.Mrs. Vanelli's
MTY acquired the franchise rights used by 105 Mrs. Vanelli's locations in 2004 (when it had annual sales of $34 million) from Donato Food Corp. It operates under subsidiary Tiki Ming Enterprises.Thai Express
Thai Express was acquired in 2004 from Tara Fung Holding Inc. of Montreal through then subsidiary Matoyee Enterprises Inc.Yogen Fruz
MTY owns exclusive Canadian franchise rights to Yogen Fruz for 20 years that began in 2006 due to a $3 million agreement made with Coolbrands International.Others
- Au Vieux Duluth Express
- Caferama - founded in 1979, the rights to the name in Saudi Arabia were purchased in 2003.
- Croissant Plus - acquired the franchise rights used by 20 locations in 2002
- Cultures - founded in 1977 and acquired by mty food group on May 2, 2003 the restaurant chain has almost doubled in size to 55.
- Koya Japan Inc. - purchased in 2006 from the Sabbagh Family Trust of Winnipeg for over $3 million.
- Sushi Shop - acquired the 47 stores in 2007 for $7.6 million. The previous owner of the establishment was made vice president after the deal.
- Taco Time - acquired in 2008 from Calgarians Ken and Aarol Pattendent for $7.9 million.
- The Country's Best Yogurt Canada - franchise rights purchased in 2005 for $1.3 million. At the time there were 91 locations.
- Tutti Frutti - acquired in September 2008
- Veggirama - acquired in 1999 when the franchise had 18 stores
- Jugo Juice - Calgary based franchise operating in the smoothie industry that oversaw 133 locations at the time it was acquired. Purchased in the summer of 2011 for $15.5 million. System-wide sales were $36.4 million in 2010.
Launchings
Tiki Ming (first restaurant of the franchised brands of MTY, the company was launched in 1984 two years before MTY's predecessor, Golden Sky Resources was formed), O'burger, Vie & Nam, FrankxSupreme, ChicknChick, Kim Chi (August 2006), Panini Pizza, Tandori, Villa Madina Mediterranean Cuisine,Sukiyaki