GRAND RAPIDS, Mich., Feb. 21, 2018 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX:MHGU), one of the nation’s premier restaurant operators, today announced it has acquired 12 Wendy’s restaurants located in the state of Indiana.
“We are delighted to have the opportunity to welcome our Indiana team mates, long standing neighbors to our original West Michigan market. We intend to immediately integrate each of the Wendy’s restaurants into our proprietary operating and accounting system, followed by an image activation program designed to update the Wendy’s restaurants and enhance the overall guest experience. The acquisition is consistent with the Company’s underwriting and 5-year growth plan to expand the operating base up to 400 Wendy’s and 20 casual dining restaurants,” stated Meritage CEO, Robert Schermer, Jr.
Company 2018 Full-Year Financial Outlook: Strong Sales & Earnings Growth Ahead
- Sales growth of +35% to 45%
- Earnings from Operations growth of +55% to 65%
- Net Earnings growth of +35% to 45%
- EBITDA growth of +35% to 45%
- Common stock dividend growth +50% to 100%
Meritage continues to distinguish itself as a leader and innovator in the quick service restaurant segment, striving for best in class results through a performance based culture committed to operational excellence, strategic acquisitions and real estate development.
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 309 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 9,400 employees. The Company has approximately 6.2 million (basic) common shares outstanding. The Company’s public filings can be viewed at www.otcmarkets.com, under the stock symbol MHGU, or the Company’s website www.meritagehospitality.com.
SAFE HARBOR STATEMENT
Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, constitutes forward-looking statements. Factors set forth in our Safe Harbor Statement, in addition to other possible factors not listed, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. Please review the Company’s Safe Harbor Statement at http://www.meritagehospitality.com
CONTACT:
Robert E. Schermer, Jr., CEO
Meritage Hospitality Group Inc.
(616) 776-2600