Meritage Hospitality Group Inc. has made another major acquisition of Wendy’s locations. The 57 fast food restaurant are in four southern states: Arkansas, Missouri, Mississippi and Tennessee. Neither the seller or the price Meritage paid were disclosed. “We are delighted to welcome 1,600 new employees from our expanded Wendy’s footprint across four states,” said Chief Executive Officer Robert Schermer, Jr., in a statement. The company plans to remodel the restaurants, and integrate the locations into the company’s web-based operating and accounting platform, Schermer added. The acquisition moves the over-the-counter, publicly-traded company closer to its goal of expanding its portfolio to 400 restaurants by 2021. In February, Meritage reported 2016 revenues rose 12.3 percent to $235.8 million while profits slipped 8 percent to $6.45 million. Last year, the company added 15 restaurants. In 2016, Meritage renovated 18 Wendy’s locations and opened a flagship restaurant, Wheelhouse in the newly-opened Arena Place, where its headquarters are now relocated. Meritage has bought 69 restaurants so far this year. In March and April, Meritage announced the acquisitions of 12 Wendy’s locations across Michigan. The growing company now has a workforce of about 7,600 employees and operates 250 restaurants in a dozen states: Florida, Georgia, Michigan, North Carolina, South Carolina, Ohio, Oklahoma, Virginia, Arkansas, Missouri, Mississippi and Tennessee. The majority are Wendy’s locations. The company’s non-fast food locations include the Crooked Goose in Standale and Twisted Rooster restaurants in Grand Rapids Township, Belleville and Chesterfield; Freighters Eatery & Taproom in the new Blue Water Convention Center development in Port Huron. – Source: MLive, Michigan.
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