Meritage Hospitality acquires 10 Wendy’s restaurants in Oklahoma
This brings the company’s total to 18 Wendy’s restaurants in the greater Oklahoma City market area.
CEO Robert Schermer, Jr., said, "We intend to immediately begin the integration of these Wendy’s restaurants into the Company’s unique web-based operating & accounting systems platform, followed by an extensive remodeling program."
Meritage Hospitality expects the 10 restaurants acquisition to add approximately $13.8 million in annual sales and be accretive to earnings. The transaction was funded with a combination of cash-on-hand and debt financing.
Meritage Hospitality continues to make significant capital improvements in its restaurants with the renovation and opening of approximately 15 to 18 Wendy’s locations scheduled for completion in 2016. ■