Canada-based MTY Food Group has signed an agreement to purchase Kahala Brands, the parent company of Cold Stone Creamery that calls Scottsdale home. The transaction is estimated at $300M: $240M in cash plus $60M in MTY stock.
MTY intends to keep Kahala’s HQ in Scottsdale—amidst Phoenix's hot retail market—after merging it with MTY’s current US assets, The Arizona Republic reports. Kahala is also the parent company of Blimpie, Samurai Sam’s and Taco Time.
The deal is in the best interest of Kahala’s shareholders, employees, franchisees and suppliers, says Kahala chairman and CEO Michael Serruya. Roughly 2,800 stores across 18 brands operate under Kahala in 25 nations. [AZC]
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