Imvescor Restaurant Group Inc. reached an agreement to acquire Ben & Florentine, a franchisor in the breakfast and lunch category with more than 40 locations across Quebec, Ontario and Manitoba. The deal is expected to close during the first quarter of 2017.
In acquiring the assets of Ben & Florentine IRG will pay $17.7 million when the deal closes and could pay up to $7.3 million more in the form of an earn out payable in the first quarter of 2018 based upon the achievement of certain financial results driven principally by the successful opening of new restaurants, according to a release announcing the deal.
Since opening its first restaurant in 2009, Ben & Florentine grew to 12 locations by 2010 and has more than 40 units generating more than $35 million in annual revenues, according to a press release.
IRG’s portfolio of restaurant companies includes such concepts as Pizza Delight, Scores, Toujours Mikes and Bâton Rouge. IRG also owns Commensal, a prepared food line for grocery stores.