TORONTO (Jan. 20, 2026) — Serruya Private Equity is in advanced discussions to acquire Canadian restaurant franchisor MTY Food Group Inc. (MTY), offering a cash bid valued at roughly C$52 per share, according to people familiar with the matter.
The talks are ongoing, and no final agreement has been reached, the sources said, requesting anonymity because the negotiations are private. MTY shares last traded near C$40, implying a roughly 30% premium over the company’s recent trading price.
Serruya is not the only bidder. Recipe Unlimited Corporation, which owns Swiss Chalet, Harvey’s and The Keg, is reportedly in the running with a bid exceeding C$53 per share. At least one additional bidder has also entered the process, suggesting a potential competitive auction that could drive offers into the high C$50s per share, the sources added.
MTY operates and franchises more than 6,500 restaurant locations worldwide, including Thai Express, Mucho Burrito and Papa Murphy’s. The company previously disclosed it is exploring strategic alternatives, including a possible sale, as it aims to maximize shareholder value amid a challenging environment for casual dining chains.
The restaurant sector has faced rising labor and food costs, slower consumer spending and higher interest rates, pressures that have weighed on valuations while increasing interest from private equity firms and strategic buyers.
Founded by the Serruya family, Serruya Private Equity has a history of investing in consumer, retail and restaurant businesses, including ice cream brands and franchise platforms across North America and internationally. The firm typically targets established brands with predictable cash flows, seeking to scale operations through efficiency improvements and global expansion.
An acquisition of MTY would fit Serruya’s strategy of investing in asset-light, franchise-driven businesses. MTY’s diversified brand portfolio, recurring royalty revenue and global footprint make it a strong candidate for private ownership, where longer investment horizons and operational restructuring can be pursued outside public market scrutiny.
Neither MTY, Serruya Private Equity nor Recipe Unlimited immediately responded to requests for comment. MTY shares have risen from recent lows amid speculation about a potential transaction.
