Meritage Hospitality Group Inc. said July 14 it acquired six Wendy’s restaurants in Jacksonville.
The franchise group, based in Grand Rapids, Michigan, said it would fund the acquisition with cash on hand and expected the six restaurants to add $11 million in annual sales.
Terms were not disclosed.
“The acquisition of the six additional Jacksonville area restaurants is consistent with the company’s five-year growth plan to expand its operating base to 400 Wendy’s restaurants,” said Robert Schermer Jr., Meritage’s CEO, in a statement.
“Currently operating 54 Wendy’s restaurants in northern Florida, we will immediately integrate the acquired restaurants into our operating and accounting platforms,” Schermer said.
He said the newly acquired restaurants will be added to Meritage’s Wendy’s remodeling schedule, which is designed to modernize the restaurants.
Meritage said it updated its development commitment to build 51 Wendy’s by the end of 2025.
It said it is on pace for a record number of new Wendy’s restaurants in 2022 across its 16 states of operation.
“Restaurant acquisitions, renovations and new restaurant development are important components of our growth-oriented business model, providing opportunities to employees and investors,” Schermer said.