Aegis takes another step to become a consolidator of great brands
Highlights
- Aegis to acquire
St. Louis Bar and Grill for$50,000,000 - The St. Louis Transaction will close shortly after the special meeting of the shareholders to be held on
November 17 th - Aegis' Loss for the quarter was
$2,544,000 or$(0.10) per share compared to a loss of$2,780,000 or$(0.12) per share last year on the continuing operations of the business - Aegis' year to date Net Loss was
$6,874,000 compared to$5,783,000 last year - Bridgehead's EBITDA for the quarter was a loss of
$116,000 compared to a gain of$606,000 last year primarily due to the timing of subsidies received in 2021
Bridgehead
Total revenue in the third quarter at Bridgehead increased from
Year to date, the coffeehouse sales were
The leadership team at Bridgehead is excited to welcome back the people of
"Although the sales are going in the right direction and picking up momentum, the Bridgehead team has also been finding new revenue sources within our coffeehouses. Initiatives such as off-premise catering and local vendor pop-ups within the stores have been introduced to supplement the top line sales. The downtown
The wholesale channel continues to improve and gain momentum with sales of
Acquisition to close after
On
This transaction is aligned with Aegis' long-term business strategy to grow into the premier consolidator of Canadian food and beverage brands.
- The St. Louis brand was established in 1992 and strong brand recognition has been built over 30 years
- Operations possess robust unit economics for franchisees, generating +21% cash-on-cash returns and ~20% 4-wall EBITDA margins (before royalty, management fees and advertising fund payments)
- Run rate same store sales since pandemic restrictions lifted are +1% to 2019 levels, and +38% over 2021
- Strong profitability and cash flow profiles, touting ~48% corporate-level EBITDA margins (2023E)
- Highly visible pipeline for expansion, with +50% new store growth projected over the next 3 years
"
Financing
The company raised approximately
Aegis Brands Inc.
With the acquisition of
Forward Looking Statements
Certain information contained in this news release are not statements of historical fact and are "forward-looking" statements. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events and include, but are not limited to, statements regarding the Company's expectations with respect to the issuance of the Subscription Receipts, completion of the Acquisition and the use of proceeds from the Offering.
In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "outlook", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
In making the forward-looking statements in this news release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions. These factors as well as the risk factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, many of which are beyond the Company's ability to control or predict. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and all forward-looking statements in this news release are qualified by these cautionary statements.
The forward-looking statements in this press release are made as of the date it was issued and Aegis does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE
© Canada Newswire, source