Irvine-based BF Acquisition Holdings LLC, the parent company for Baja Fresh Mexican Grill and La Salsa Fresh Mexican Grill, will be acquired for $27 million by MTY Food Group Inc. in Montreal, Canada.
The headquarters for BF Acquisition Holdings will move to Scottsdale, Ariz., after the all-cash deal closes, which is expected in October.
MTY Food Group is one of Canada’s largest franchisers, with 40 restaurant brands, more than 2,700 stores, and about $767 million in revenue for its most recent fiscal year.
Chairman of the Board and Chief Executive Stanley Ma said the deal will accelerate his company’s growth in North America.
BF Acquisition Holdings has 162 Baja Fresh and 23 La Salsa restaurants in the U.S., Dubai and Singapore. The corporation owns 16 of the stores, the remaining 169 are franchised. The two companies reported systemwide revenues of about $145 million and employ 900 locally.