Serruya Private Equity and Recipe Unlimited Battle for MTY Food Group in C$60 Per Share Acquisition

Montreal, QC – January 29, 2026 – Serruya Private Equity and Recipe Unlimited Corporation are locked in a competitive bidding war for MTY Food Group Inc. (TSX: MTY), with sources confirming that one of the suitors has submitted a formal C$60 per share acquisition offer for the Montreal-based restaurant franchisor. The proposed transaction would value MTY Food Group at approximately C$2.4 billion and represents the culmination of intense negotiations between the company and multiple strategic and financial buyers seeking to acquire Canada’s multi-brand restaurant powerhouse.

The battle between Serruya Private Equity—a private equity firm with deep restaurant sector expertise—and Recipe Unlimited—one of Canada’s largest restaurant operators—has driven the acquisition price substantially higher than initial expectations. Earlier in the week, offers were reportedly in the C$52-53 range before weekend negotiations pushed valuations to C$60 per share, a 36% premium over MTY’s Thursday closing price of C$44.

Two Distinct Acquisition Strategies

The competing visions of Serruya Private Equity and Recipe Unlimited for MTY Food Group reflect fundamentally different acquisition approaches. Recipe Unlimited, which operates brands including Swiss Chalet, Harvey’s, and The Keg, would pursue a strategic combination aimed at realizing operational synergies, consolidated purchasing power, and enhanced market position across Canada’s restaurant landscape.

Serruya Private Equity, meanwhile, brings a financial buyer’s perspective focused on operational optimization, brand portfolio management, and eventual exit strategies. The firm’s restaurant sector experience positions it to execute value-creation initiatives while maintaining MTY’s franchise-based business model.

While neither Serruya Private Equity nor Recipe Unlimited have publicly confirmed their involvement in the MTY Food Group acquisition process, market sources consistently identify both parties as serious contenders. The identity of which firm submitted the C$60 offer remains undisclosed pending formal announcement.

MTY Food Group’s Strategic Value

The intense competition between Serruya Private Equity and Recipe Unlimited underscores MTY Food Group’s appeal as an acquisition target. The company operates over 80 restaurant brands across quick-service, fast-casual, and casual dining segments, generating predictable royalty revenue through its franchise-heavy business model.

MTY Food Group shares responded to acquisition developments by climbing to C$58.50 in Monday trading on volume exceeding 650,000 shares. The 2.5% discount to the reported C$60 offer reflects typical merger arbitrage dynamics as investors assess deal completion probability.

Recent Dividend Increase

Complicating the acquisition picture, MTY Food Group announced a 12% dividend increase on January 21, raising quarterly payouts from C$0.33 to C$0.37 per share. The timing—just days before the C$60 acquisition offer emerged—has prompted questions about whether management anticipated higher bids or was signaling confidence in standalone prospects.

Simply Wall St analysis noted the dividend hike came despite earnings volatility and leverage concerns, suggesting the move reflects management’s “emphasis on shareholder cash returns” during the strategic review process.

Regulatory Considerations

If Recipe Unlimited emerges as the winning bidder, the MTY Food Group acquisition would face Competition Bureau scrutiny given the combination of two major Canadian restaurant operators. Regulators would examine whether the transaction substantially lessens competition in relevant markets, potentially imposing conditions or requiring brand divestitures.

Serruya Private Equity as a foreign buyer might trigger Investment Canada Act review, adding regulatory complexity but likely facing fewer competition concerns than a Recipe Unlimited transaction.

Timeline and Next Steps

The MTY Food Group acquisition process is expected to produce a definitive agreement announcement in coming days or weeks, formally identifying whether Serruya Private Equity, Recipe Unlimited, or potentially another undisclosed party has prevailed. Following announcement, the transaction would proceed through shareholder approval, regulatory review, and closing—a process typically requiring 3-6 months.

For shareholders, the competitive bidding between Serruya Private Equity and Recipe Unlimited has delivered substantial value, with the C$60 offer representing 50%+ gains for investors holding from early January price levels around C$38-40.

Neither MTY Food Group, Serruya Private Equity, nor Recipe Unlimited responded to requests for comment on the reported acquisition offer.