Imvescor acquires Commensal's manufacturing facility

MONCTON, NB, Nov. 29, 2013

The transaction was completed as an asset purchase without assumption of any of the previous owners pre-closing liabilities. The transaction was approved by the court monitoring the insolvency proceedings of Commensal SEC.  The purchase price was approximately $4.2 million. IRG intends to build up Commensal's presence in the retail space, particularly in the fresh soup category, where Commensal occupies 80% of the market in Quebec.

In addition, the facility will allow IRG to over time produce food items for a number of products currently being produced by third parties. The plant will equally begin providing IRG's proprietary food items to all four of its restaurant brands: Bâton Rouge, Scores, Mikes and Pizza Delight.

Denis Richard, IRG's CEO said: "We are extremely excited about this opportunity as it will permit us to vertically integrate our operations under very attractive conditions. We had this objective in sight over the long term but the much lower cost of entry offered by the Commensal opportunity compelled us to accelerate our strategic objectives.

The ability to gain access to manufacturing margins will additionally permit us to service our franchisees with a continued focus on competitive pricing and high quality food items."

About Imvescor Restaurant Group Inc.

Headquartered in Moncton, New Brunswick, Imvescor Restaurant Group owns franchised and corporate stores throughout Canada, under four brands: Pizza Delight® operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes® and Scores® restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments. Bâton Rouge® operates in Quebec, Ontario, Alberta and Nova Scotia in the casual dining segment.