Wendy’s Franchisee Meritage Buys 20 Restaurants

Chain Leader:

Meritage Hospitality Group Inc., the nation’s premier franchise operator, today announced the acquisition of 20 Wendy’s restaurants located in Jacksonville, Florida.

Robert E. Schermer, Jr., President and CEO of Meritage Hospitality Group Inc., stated, “We believe the fundamentals in the quick-service restaurant industry remain positive and Jacksonville represents a strong entry point for Meritage in to the Southeastern U.S. market.” The 20 Wendy’s restaurant units make up approximately 35% of the Wendy’s located in the Jacksonville designated market area. “The completion of this acquisition represents a significant step for Meritage in its strategy to re-accelerate growth and geographical diversification in its core business. Today we have significantly increased the breadth of our market concentration. We welcome the more than 600 new employees to the Meritage Family,” Mr. Schermer stated.

The Company plans to immediately begin an extensive thirty-six month capital improvement plan, which includes the installation of operating and accounting systems, as well as exterior and interior re-imaging of the Wendy’s restaurants.

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