MTY Food Group has agreed to acquire the sweetFrog Premium Frozen Yogurt restaurant chain for $35 million.
MTY will acquire sweetFrog’s 332 frozen yogurt restaurants, including 324 in the US and its eight international locations, as part of the deal.
SweetFrog’s franchise network generated over $92 million in sales over the last year, and MTY says that the acquisition will significantly enhance the company’s position in the frozen treats segment.
Jeff Smit, COO of MTY’s US operations said: “sweetFrog is an exciting brand serving premium quality frozen yogurt and will fit perfectly within our portfolio of brands.
“We are extremely happy about everything this brand has to offer and the growth potential ahead.”
Patrick Galleher, Chairman & CEO of sweetFrog Enterprises added: “With an executive of Jeff Smit’s calibre leading US operations, MTY is the perfect organization to lead sweetFrog during its next chapter of success.
“I am excited to see what Smit and his team of restaurant industry experts can do as we become the largest sweetFrog multi-unit franchisee.”
© FoodBev Media Ltd 2018