A&W Food Services of Canada Inc. (A&W Food Services) has raised $10 million in common equity offering from current shareholders.
In February 2018, TorQuest Partners acquired a significant minority stake in A&W Food Services, the manger of A&W Revenue Royalties Income Fund (TSX: AW.UN). TorQuest’s Eric Berke and Michael Hollend currently sit on A&W Food Services’ five-member board.
A&W Food Services of Canada Inc. is Canada’s second-largest quick-service hamburger restaurant chain.
photo credit: A&W
News Release
A&W Food Services of Canada Announces Raising of Additional Equity
VANCOUVER, April 14, 2020 /CNW/ – A&W Food Services of Canada Inc. (A&W Food Services) announced that its current shareholders have invested a further $10 million of common equity into the company.
“The current COVID-19 Pandemic has had a material impact on the businesses of A&W Food Services and A&W franchisees. To further support the business, the shareholders have invested additional capital to ensure the company has sufficient resources during this period of uncertainty caused by COVID-19,” said Susan Senecal, President and CEO of A&W Food Services.
ABOUT A&W FOOD SERVICES
A&W Food Services of Canada Inc. is Canada’s second largest quick-service hamburger restaurant chain and is 100 per cent Canadian owned. Over 99% of the restaurants are operated by franchisees. Operating coast-to-coast, A&W restaurants feature famous trade-marked menu items such as The Burger Family, Chubby Chicken and A&W Root Beer. For more information, please visit aw.ca. Find A&W on Twitter, Instagram, Facebook and YouTube.
Certain statements in this press release may contain forward-looking information within the meaning of applicable securities laws in Canada (forward-looking information). The words “anticipates”, “believes”, “budgets”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “might”, “plans”, “projects”, “schedule”, “should”, “will”, “would” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information is based on assumptions that management considered reasonable at the time it was prepared. The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by the forward-looking information.
SOURCE A&W Food Services of Canada Inc.
For further information: Don Leslie, Chief Financial Officer: (604) 988-2141 or investorrelations@aw.ca