The Montreal parent firm for the Pizza Delight, Baton Rouge, Toujours Mikes and Scores restaurant chains will be hanging onto its prepared meals business for now.
Imvescor Restaurant Group announced Friday it has terminated a deal it announced back in March to sell its Groupe Commensal subsidiary to an arm of processor Pasta Romana Foods for about $4.2 million.
Imvescor didn’t give a specific reason for walking away from the deal, except to cite “material breaches of the agreement” by Montreal-based Pasta Romana’s affiliate.
Imvescor said Friday it’s also “evaluating the alternatives available to it in light of the termination of the agreement.”
Imvescor had said as recently as June that it expected to close the sale in mid-July, pending “certain customary closing conditions and purchase price adjustments.”
Commensal markets vegetarian refrigerated and frozen prepared dishes, soups, stews and sauces through major supermarkets, grocers and health food stores in Quebec and in health food stores in Ontario.
Imvescor had said in March it wanted to sell Boisbriand-based Commensal to better focus on its restaurant franchising business and “to remain an asset-light entity.”
Pasta Romana makes fresh pastas, pasta sauces, pesto and packaged entrees such as tortellini, cannelloni, manicotti, ravioli and perline, marketing under its own brand name and to private-label clients. — AGCanada.com Network