On August 9, 2022, MTY Food Group Inc. and BBQ Holdings, Inc. announced a definitive merger agreement wherein MTY would acquire all issued and outstanding common shares of BBQ Holdings for a cash consideration of US$17.25 per share, totaling approximately US$200 million (C$257 million), inclusive of BBQ Holdings’ net debt. Both companies' Boards of Directors unanimously approved the agreement. BBQ Holdings, an operator and franchisor of casual and fast casual dining restaurants, boasts brands like "Famous Dave’s", "Village Inn", and "Granite City". As of August 9, 2022, it operated over 300 restaurants and predicted system sales and cash EBITDA for the 2022 fiscal year to be between US$685M-US$725M and US$25.5M-US$27.5M, respectively. MTY, a prominent North American restaurant franchisor, managed 6,660 locations as of May 31, 2022. The acquisition will add nine brands to MTY's portfolio, reaching nearly 7,000 locations. This will push MTY's U.S. footprint to over 3,900 locations, with U.S. system sales rising from 58% to 66% post-transaction. Eric Lefebvre, MTY's CEO, lauded the acquisition, highlighting the addition of unique brands and praising BBQ Holdings’ robust franchise network and management. Jeff Crivello, BBQ Holdings’ CEO, expressed excitement about aligning with MTY’s expansive network and industry prowess. The cash transaction, set to close by Q4, 2022, will see BBQ Holdings delisted from NASDAQ and becoming an MTY subsidiary. Legal advisors for MTY were Morrison & Foerster LLP, and for BBQ Holdings were Dentons Sirote PC and Lathrop GPM LLP.