MONTREAL – MTY Food Group Inc., a Canadian franchisor and operator of quick-service restaurants, completed its acquisition of BF Acquisition Holdings LLC (BFAH), the franchisor and operator of Baja Fresh Mexican and La Salsa Fresh Mexican Grill restaurants for $27 million in cash.
The transaction includes 160 Baja Fresh and 23 La Salsa Fresh restaurants in the United States, Dubai and Singapore. Of those units, 16 are company owned and 167 are franchised. The BFAH network generated more than $145 million in system sales last year.
MTY Food Group announced its intention to acquire BFAH in September. At the time, Stanley Ma, chairman and CEO of MYT, said the company intends to accelerate growth throughout North America by leveraging platforms in the US and Canada.
“The acquisition of Baja Fresh Mexican Grill and La Salsa Fresh Mexican Grill perfectly aligns with our growth strategy and is one more step towards building a bigger and better organization for the future,” Ma said in a statement.
BFAH’s corporate office will be moved in MTY’s office in Scottsdale, Arizona, before the end of MTY’s 2016 fiscal year.