Add-on Acquisition • Restaurants

MTY Acquires BBQ Holdings

On August 9, 2022, MTY acquired restaurant BBQ Holdings for 200M USD

Acquisition Context

This is MTY’s 39th transaction in the Restaurants sector.
This is MTY’s 4th largest (disclosed) transaction.
This is MTY’s 9th transaction in the United States.
This is MTY’s 1st transaction in Minnesota.

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M&A Deal Summary
Date	August 9, 2022
Target	BBQ Holdings
Sector	Restaurants
Buyer(s)	MTY
Deal Type	Add-on Acquisition
Deal Value	200M USD
Advisor(s)	Lathrop GPM (Legal)

Target Company

BBQ Holdings

Minnetonka, Minnesota, United States

BBQ Holdings is a franchisor and operator of casual and fast casual dining restaurants across 37 states in the U.S., Canada, and the United Arab Emirates. Its flagship restaurant brands operate under the famous dave’s, village inn, barrio queen, and granite city, banners. BBQ Holdings is based in Minnetonka, Minnesota.

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Buyer Overview 1

Buyer

MTY

St. Laurent, Quebec, Canada

Category	Company
Founded	1979
Sector	Restaurants
Employees	7,632
Revenue	1.2B CAD (2024)

DESCRIPTION

MTY is an operator of quick?service, fast?casual, and casual dining restaurants. MTY was incorporated in 1979 and is based in Saint-Laurent, Canada.

Deal Context for Buyer	#
Overall	47 of 48
Sector: Restaurants	39 of 40
Type: Add-on Acquisition	42 of 43
State: Minnesota	1 of 1
Country: United States	9 of 10
Year: 2022	1 of 2
Size (of disclosed)	4 of 22

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2021-10-18	Küto Comptoir à Tartares Delson, Quebec, Canada Küto Comptoir à Tartares is an operator of a restaurant chain specializing in offering tatar in Delson. Küto Comptoir à Tartares is based in Delson, Quebec.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2021-10-18

Küto Comptoir à Tartares

Delson, Quebec, Canada

Küto Comptoir à Tartares is an operator of a restaurant chain specializing in offering tatar in Delson. Küto Comptoir à Tartares is based in Delson, Quebec.

Buy

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2022-11-02	Wetzel s Pretzels Pasadena, California, United States Wetzel's Pretzels is an owner and franchisor of soft pretzel stores. Wetzel's menu includes a variety of fresh-baked soft pretzels, Wetzel Dogs, Wetzel Bitz, and beverages. Today, Wetzel’s Pretzels has 305 locations in 28 states and six countries. Wetzel's stores are located in shopping malls, outlet centers, theme parks, select discount retail stores, train stations, and airports. Wetzel’s Pretzels was founded in 1994 and is headquartered in Pasadena, California.	Buy	$207M

DATE

TARGET

DEAL TYPE

VALUE

2022-11-02

Wetzel s Pretzels

Pasadena, California, United States

Wetzel's Pretzels is an owner and franchisor of soft pretzel stores. Wetzel's menu includes a variety of fresh-baked soft pretzels, Wetzel Dogs, Wetzel Bitz, and beverages. Today, Wetzel’s Pretzels has 305 locations in 28 states and six countries. Wetzel's stores are located in shopping malls, outlet centers, theme parks, select discount retail stores, train stations, and airports. Wetzel’s Pretzels was founded in 1994 and is headquartered in Pasadena, California.

Buy

$207M

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