MTY Food Group

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MTY Food Group Inc.
Traded as


Grey Market: MTYFF
Founded 1979
Founder Stanley Ma
Headquarters Saint-Laurent, Quebec, Canada
Key people

Claude St-Pierre CFO,SEC,DIR
Stephen A. Stone DIR
Murat Armutlu DIR

Jason Lin DIR
Revenue $2.0 billion systemwide
Increase$101.36 million (2013)[1]
systemwide $725.8 million
Increase51.40 million (2009)[2]
systemwide =$400 million [3]
Divisions MTY Tiki Ming Enterprises
Taco Time Canada Inc. (founded as taco foods ltd., 1977)
Country Style Food Services Holdings Inc. (founded 1962)
Yogen Fruz Canada Inc. (founded 1986)
Subsidiaries Kahala Brands
Website MTY Food Group
Previous logo

MTY Food Group is a Canadian franchisor and operator of numerous quick service restaurants operating under 48 brand names, some of them through wholly owned subsidiaries. They include Thaï Express, Country Style, Groupe Valentine, Vanelli's, Extreme Pita, Cultures, La Cremiere, Sushi Shop, Veggirama, Caferama, O'burger, Tiki Ming, Vie & Nam, Au Vieux Duluth Express, FranxSupreme, ChicknChick, Croissant Plus, Koya Japan, Kim Chi, Panini, Tandori, Tutti Frutti, Villa Madina Mediterranean Cuisine, Sukiyaki, Taco Time, Yogen Früz and the Canadian branch of TCBY.

The number of restaurant locations using those brand names more than doubled between 2007 and 2010.[4] Since opening the first Tiki Ming restaurant in 1984, MTY launched ten brands and acquired sixteen others. Four of the restaurant chains—Vanelli's, Caferama, Sukiyaki, and La Cremiere—also operate in the Middle East.[5] There used to be a computer and technology division named Gold Tech Computer Systems Ltd., but it was spun off in 2003, renaming itself MTY Food Group Inc.[6]

Most of its restaurants are located in shopping mall and cinema food courts while others are in convenience stores. The company owes much of its growth to corporate takeovers (in 2013 80% of the company's revenue growth was attributable to acquisitions).[1][7][8] It operates in Canada, United Arab Emirates, Jordan and Morocco and in 2009 revenue from franchise fees increased 75%.[9][10] It joined the Toronto Stock Exchange as a debt-free company in June 2010. Prior to this it traded on the TSX Venture Exchange for 15 years under four different names.[9][11][12]


In 1979, 29-year-old Stanley Ma opened a restaurant called Le Paradis du Pacifique on St. Martin Blvd in Laval, 11 years after he arrived in Canada from Hong Kong. In 1984 he opened the first of 56 Tiki Ming restaurants in Canada in Montreal's Rockland Mall.[11] In 1986 the predecessor company was incorporated as Golden Sky Resources Inc. and publicly traded on the Vancouver Stock Exchange (now the TSX Venture Exchange) in February 1989. The name of the company was later changed to Golden Sky Ventures International Inc., then to iNsu Innovations Group Inc., and then to its current name MTY Food Group Inc.[13] It moved from the TSX Venture Exchange to the TSX exchange under the symbol MTY in May 2010.[14]

On November 30, 2010 the company created two new subsidiaries when it combined five former ones. Country Style Food Services Holdings Inc., Buns Master Bakery Systems Inc. and Melody Farms Specialty Foods & Equipment Limited were regrouped into one subsidiary, the other came from Mrs. Vanelli's Restaurants Limited and MTY Tiki Ming Enterprises Inc. The move improved short term cash flow by enabling it to take advantage of non-capital tax losses quicker.[15]

On May 21, 2010, president, CEO, and chairman of MTY Food Group Stanley Ma opened the Toronto Stock Exchange.[16]

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 q2 2016
Number of locations 248[17] 287[17] 420[18] 428[19] 784[20] 825[21] 1,023[22] 1,570[23] 1727 1893[24] 2251[25] 2590[1] 2727 2792 5488[26]


In May 2016, MTY announced a friendly takeover deal with the Kahala Brands Ltd restaurant franchise company (2,800 stores worldwide). MTY could therefore add 18 American brands to its portfolio, including Cold Stone Creamery, America's Taco Shop and Kahala Coffee Traders. MTY will pay about US $300 million to acquire Kahala. The two companies generated near $2 billion in revenues in the previous year.[27]

Among the largest acquisitions made by MTY is the Mr. Sub franchise; at the time it was a chain of 335 sandwich shops.[28]

Manchu Wok[edit]

In December 2014, MTY said it would pay $7.9 million from cash on hand to acquire Manchu Wok, which had 133 stores in its operations, 114 of which were franchised and 19 corporately owned. During its most recent completed fiscal year, the network generated approximately $95 million in system sales.

Café Van Houtte[edit]

Deal completed November 7, 2014 involves 51 franchised stores all located in Quebec from Keurig Canada.

Café Dépôt, Sushi Man, Muffin Plus, and Fabrika[edit]

MTY Food Group announced on July 8, 2014 that it has completed the acquisition of the assets of Café Dépôt, Sushi Man, Muffin Plus, and Fabrika. The total consideration for the transaction was $13.9 million, paid from MTY's cash on hand and existing credit facilities. At closing, the chains were operating 101 stores, including 13 corporately-owned stores.

Madison New York Grill & Bar[edit]

Madison New York Grill & Bar is a subsidiary of MTY Food Group.[29] The deal completed July 18, 2014 involved 14 franchised stores all located in Quebec. The acquisition gave the parent company another $40 million in system-wide sales. Cost of the transaction was $12.9 million.


The agreement to acquire SushiGo, a small chain of five restaurants, was completed on May 31, 2013.[30]

Mr Souvlaki Ltd[edit]

The 14 stores were acquired on November 26, 2012. 13 of the locations were in Ontario, the other was in British Columbia. At the time of the takeover system-wide sales were $4.5 million.[31]

Country Style[edit]

Country Style was acquired when it had 488 locations, in April 2009 for $7.7 million in cash and $6.9 million in debt.[9][32]

Groupe Valentine Inc.[edit]

Groupe Valentine Inc.
Wholly owned subsidiary
Industry Restaurants
Founded 1979
Saint-Hyacinthe, Quebec
Founder Jean-Pierre Robin
Headquarters Saint-Hyacinthe, Quebec
(95 locations)
Key people
Jean-Pierre Robin, President
Products Fast food
Revenue $29 million[33]
Parent MTY Food Group
A Valentine location at an office building in Quebec City.

Valentine is a Canadian chain of over 100 privately owned restaurant franchises operating in the province of Quebec, Canada. The first restaurant opened in 1979 in Saint-Hyacinthe, Quebec. A few years later, its founder, Jean-Pierre Robin, opened a second restaurant in Saint-Hyacinthe in order to meet the demand for its "famous hot-dogs". The chain's success increases and becomes a turning point: the brothers opt for franchising as the company's mode of functioning for its future restaurants. As time passes, more franchises are bought and restaurants open throughout Quebec.[34] During the 1990s, the chain underwent a major renewal plan in which the restaurants' design changed along with the company's colours. In September 2010 it became a subsidiary of MTY Food Group which purchased the brand rights for $9.3 million.[35]

The company's fare is typical Canadian fast food, such as burgers, fries, sandwiches and poutine.[36][37] The company employs humor in its advertising.[38] It offers an app that records footsteps. After 10,000 steps, the user is eligible for a poutine.[39]


In January 2015, a Quebec woman says she lost her fast-food job at Valentine after management publicly humiliated her for speaking English to another employee. [40]

La Crémière[edit]

Under the name iNsu Innovations, it acquired the franchise rights to the brand La Crémière in November 2001, which oversaw 74 locations (all were in Quebec at the time). The naming rights which also included Beaver Tails, brought the company's system-wide sales up to $50 million.[41]

Mrs. Vanelli's[edit]

MTY acquired the franchise rights used by 105 Mrs. Vanelli's locations in 2004 (when it had annual sales of $34 million) from Donato Food Corp.[42] It operates under subsidiary Tiki Ming Enterprises.

Thai Express[edit]

Thai Express was acquired in 2004 from Tara Fung Holding Inc. of Montreal through then subsidiary Matoyee Enterprises Inc.[43]

Yogen Fruz[edit]

Yogen Fruz Canada, Yogen Fruz originally before it was globalized, is now a part of MTY Food Group

MTY owns exclusive Canadian franchise rights to Yogen Fruz for 20 years that began in 2006 due to a $13 million agreement made with Coolbrands International.[44]

Extreme Brandz[edit]

On May 28, 2013, MTY Food Group Inc., said that its subsidiary MTY Tiki Ming Enterprises Inc. has struck an agreement to buy the assets of Mississauga Ontario-based Extreme Brandz, owner of Extreme Pita, PurBlendz and Mucho Burrito, for $45-million (U.S.) from the three co-founders, Alex Rechichi, Mark Rechichi and Sean Black.[45] Extreme Brandz's 40 U.S. stores will be MTY’s first stores in the United States. Of the 364 stores acquired 5 are corporately owned.


  • Au Vieux Duluth Express
  • Big Smoke Burger[29][46]
  • Caferama – founded in 1979, the rights to the name in Saudi Arabia were purchased in 2003.[5]
  • Croissant Plus - acquired the franchise rights used by 20 locations in 2002
  • Cultures – founded in 1977 and acquired by mty food group on May 2, 2003 the restaurant chain has almost doubled in size to 55.[47][48]
  • Dagwoods Sandwichs et Salades - A subsidiary of MTY Food Group Inc. will acquire Dagwoods for $3 million CAN.[49]
  • Koya Japan Inc. – purchased in 2006 from the Sabbagh Family Trust of Winnipeg for over $3 million.[50]
  • La Diperie - acquired in 2016.[51]
  • Sushi Shop – acquired the 47 stores in 2007 for $7.6 million. The previous owner of the establishment was made vice president after the deal.[52]
  • Taco Time – acquired in 2008 from Calgarians Ken and Aarol Pattendent for $7.9 million.[53]
  • The Country's Best Yogurt Canada – franchise rights purchased in 2005 for $1.3 million. At the time there were 91 locations.
  • Tutti Frutti – acquired in September 2008[54][not in citation given]
  • Veggirama – acquired in 1999 when the franchise had 18 stores[48]
  • Jugo Juice – [branded in Quebec as Jus Jugo Juice] Calgary based franchise operating in the smoothie industry that oversaw 133 locations at the time it was acquired.[54][not in citation given] Purchased in the summer of 2011 for $15.5 million. System-wide sales were $36.4 million in 2010.
  • Koryo Korean BBQ – Franchise rights to the 20 unit chain of Korean quick service restaurants were purchased for $1.8 million cash by subsidiary MTY Tiki Ming Enterprises Inc (announced August 15, completed November 11, 2011). At the time, Koryo had annual sales of $8 million.[25]


  • Tiki Ming – first restaurant of the franchised brands of MTY, the company was launched in 1984 two years before MTY's predecessor, Golden Sky Resources was formed[11][54]
  • O'burger [54]
  • Vie & Nam [54][55]
  • Franx Supreme [54][55]
  • Chick 'n Chick [54]
  • Kim Chi (August 2006) [54][55]
  • Panini Pizza [54]
  • Tandori [54][55]
  • Villa Madina Mediterranean Cuisine [54]
  • Sukiyaki [54]

See also[edit]


  1. ^ a b c "MTY 2013 AR" (PDF). February 12, 2014. 
  2. ^ "MTY Food Group Inc: CVE:MTY". Google Finance. Retrieved November 15, 2017. 
  3. ^ "MTY Food Group Opens the Market". 2010-05-21. 
  4. ^ "MTY Food Group increases revenue in q1". 2010-04-07. 
  5. ^ a b "insu innovations group inc. announcement". 2003-06-09. 
  6. ^ "iNsu Innovations Group Inc.: Announcement". businesswire. 2003-06-09. [dead link]
  7. ^ "2nd quarter results MTY Foods Inc". 
  8. ^ "Quebec chain of restaurants gobbled up by MTY Food Group". 2010-08-16. 
  9. ^ a b c "MTY food group headed to the tsx". 2010-05-04. 
  10. ^ "2nd quarter results MTY Foods Inc". Retrieved 2010-07-03. 
  11. ^ a b c king of the food courts, Montreal Gazette, 2007-01-08 
  12. ^ "MTY Food Group ci". Retrieved 2010-07-01. 
  13. ^ "TSX Venture company summary". Retrieved 2010-07-03. 
  14. ^ "Standard & Poor's Announces Changes in the S&P/TSX Venture Composite Index". 2010-05-11. 
  15. ^ "AMALGAMATION OF SUBSIDIARIES". 2010-11-29. 
  16. ^ "MTY Food Group opens the market". 2010-05-21. 
  17. ^ a b "MTY Food Group Inc.: 2003 Year End Results". 2004-03-09. 
  18. ^ "2004 year end results". 2004-11-30. 
  19. ^ "third quarter results". 2005-10-13. 
  20. ^ "2005 year end results". 2006-03-07. 
  21. ^ "3rd quarter". 2007-11-30. 
  22. ^ "mty food group incorporated". corporate information. Archived from the original on 2011-07-17. Retrieved 2010-07-03. 
  23. ^ "MTY Details". google. Retrieved 2010-07-03. 
  24. ^ "MTY Food Group's Q3 revenue up 21%". 2011-10-04. 
  25. ^ a b "MTY completes acquisition of Koryo Korean BBQ Franchise Corporation". November 11, 2011. 
  26. ^ "MTY Food Group Doubled In Size". 2016-07-29. 
  27. ^ Canadian Press, MTY Foods set to double in size with acquisition of Kahala Brand Archived 2016-05-26 at the Wayback Machine., Montreal Gazette, May 25, 2016
  28. ^ Blackwell, Richard (August 18, 2011). "MTY Food swallows Mr. Submarine". The Globe and Mail. Toronto: 
  29. ^ a b "MTY Food Group Inc". Plunkett Research. October 10, 2012. Retrieved November 15, 2017. 
  30. ^ "MTY to acquire 80% of Thai Zone restaurant chain for $17.8 million". Canadian Business. August 13, 2013. Retrieved November 15, 2017. 
  31. ^ "MTY completes acquisition of Mr. Souvlaki Ltd". September 26, 2012. 
  32. ^ "Montreal's MTY buys Country Style doughnut chain". 2009-04-13. 
  33. ^ "MTY to Acquire 95-Unit Groupe Valentine". 2010-08-17. 
  34. ^ "Notre histoire | |". Retrieved 2017-11-15. 
  35. ^ MTY Food Group tightens grip on Quebec with Groupe Valentine purchase August 16, 2010
  36. ^ Van Praet, Nicolas (August 17, 2010). "MTY adds to Quebec fast-food holdings". National Post. Retrieved November 16, 2017. 
  37. ^ "Menu | Hot dogs". Retrieved 2017-11-15. 
  38. ^ "Sausages "raised freely" at Valentine's" (in French). Infopresse. March 30, 2017. Retrieved 6 November 2017. 
  39. ^ HALLÉ, Shanny (March 10, 2017). "Walk 10,000 steps for a poutine!" (in French). Le Journal de Quebec. Retrieved 6 November 2017. 
  40. ^ [1]
  41. ^ "iNsu Innovations Group Inc.: Acquisition of 100% of 'La Cremiere' Ice Cream Bar From Agropur". 2001-11-05. Archived from the original on 2008-02-02. 
  42. ^ "MTY Food Group Inc.: Mrs. Vanellis Acquisition Closed". Business Wire. business wire. 2004-06-21. 
  43. ^ "MTY Food Group Inc.: Thai Express Acquisition Closed". all business. 2004-05-20. Archived from the original on 2008-03-15. 
  44. ^ "Yogen Fruz changing hands". 2006-02-20. Archived from the original on 2011-04-16. 
  45. ^, May 28, 2013
  46. ^ "Restaurant chain conglomerates forced to 'steal customers' in flat market - Business - CBC News". 2016-04-02. Retrieved 2017-11-15. 
  47. ^ "cultures sandwich and salad quick service". Retrieved 2010-07-03. 
  48. ^ a b Friend, David (2009-04-13). "Franchiser swallowing up Country Style". Toronto Star. Retrieved 2017-11-15. 
  49. ^ Editors, The (2017-06-21). "MTY Food Group Subsidiary Acquires Dagwoods - Foodservice Equipment & Supplies". Retrieved 2017-11-15. 
  50. ^ "koya japan acquisition". Reuters. 2006-10-20. 
  51. ^
  52. ^ "Le Groupe MTY fait l'acquisition de Sushi Shop". canoe. 2006-07-21. 
  53. ^ "MTY takes over Taco Time in Canada". Restaurant News. Retrieved 2008-10-31. 
  54. ^ a b c d e f g h i j k l Blackwell, Richard (March 26, 2017). "Stanley Ma: An empire on a plastic tray". The Globe and Mail. Retrieved November 15, 2017. 
  55. ^ a b c d Pachner, Joanna (April 25, 2011). "The food court king". Canadian Business. Retrieved November 15, 2017. 

External links[edit]