Meritage Hospitality Group has acquired two Wendy’s restaurants in Virginia and has also entered into three separate definitive asset purchase agreements to acquire an additional 55 Wendy’s units throughout the Eastern and Midwestern United States.
Meritage did not disclose the identity of the seller. The transactions are expected to be completed during the first quarter of next year.
Meritage expects the 57 restaurants to add over $100 million in annual sales. The company currently operates 253 restaurants in 12 states.
“The consummation of these transactions is consistent with our stated growth plans and investment strategy of ‘profitable growth’ within the Wendy’s franchise system,” CEO Robert Schermer said in a statement. “Upon closing we intend to immediately integrate each of these Wendy’s restaurants into our unique web-based operating and accounting platform, followed by an extensive remodeling program designed to modernize the Wendy’s restaurants and enhance the overall guest experience.”