A Canadian operator of 40 restaurant brands is expanding its U.S. presence by acquiring Scottsdale-based Kahala Brands, the parent company of Cold Stone Creamery and fast-food restaurants.

The buyer is the MTY Food Group, based in Montreal, Quebec, which is a franchisor and operator of more than 2,700 restaurants mainly in Canada.

The deal, announced last week, is worth an estimated $300 million, including $240 million in cash and 2.25 million shares of MTY stock.

The combined entity, with its U.S headquarters in Scottsdale, will have a portfolio of about 5,500 stores under 57 brands.

In a statement, MTY said the acquisition of Kahala represents a major milestone for the company, creating a growth platform for MTY brands operating in the United States.

“MTY had been searching for the right foundation for its U.S. expansion for the last three years, and it has finally found the perfect match,” said Stanley Ma, MTY chairman and CEO. “The combination of the two companies’ portfolio and expertise will produce tremendous opportunities in Canada, in the United States and worldwide.”

Michael Serruya, Kahala  chairman and CEO,  said the merger of Kahala and MTY is in the best interests of all Kahala’s shareholders, employees, franchisees and suppliers.

“My brothers and I have known Stanley Ma for many years,” Serruya said. “He is an extremely competent and professional CEO, who successfully leads an outstanding company.“

In addition to Cold Stone Creamery, Kahala Brands include Blimpie, Taco Time, Samurai Sam’s  and Pinkberry.

MTY reported more than $1 billion in sales from its portfolio of 40 restaurant brands.

The closing of the transaction is expected to happen within the next 75 days.

Sports Authority’s remaining 320 store leases, including 13 in Arizona will be auctioned in June

The leases will be sold by commercial real estate, advisory and investment group A&G Realty Partners, which is currently accepting bids on the leases. The leases are for stores that range from 10,000-square-feet to 80,000-square-feet, and are located in most major retail markets in the country including New York City, Chicago, Los Angeles, Dallas, and Miami.

(Click here for full store list.)

“The company has done a great job with its real estate and their locations are well positioned in key retail street and power center locations. By taking assignment of leases, retailers have the opportunity to enter new markets and gain access to projects they may have previously been unable to penetrate,” said Sports Authority, A&G co-president.

Store closing sales are expected to carry on through August but bids for the leases are due June 23, with an auction set for June 29th in Wilmington, Delaware.

For more information contact Michael Jerbich at 312.454.2057, Emilio Amendola at 631.465.9507 and Todd Eyler at 631.4665.9510

Team will adapt UVision’s Hero-30 system for U.S. Army requirement

TUCSON — Raytheon Company (NYSE: RTN) and UVision signed a teaming agreement to work together on small, loitering airborne solutions. As part of the deal, Raytheon will adapt the Hero-30 remotely-operated lethal loitering airborne system from Israel’s UVision for U.S. military requirements.

Hero-30 is a man-packed, canister-launched airborne loitering system. Raytheon will modify the Hero-30 for lethal target engagement as well as traditional airborne intelligence, surveillance and reconnaissance missions. The adapted system will meet the U.S. Army’s requirement for Lethal Miniature Aerial Missile Systems, also known as LMAMS.

“Raytheon and UVision will offer U.S. Army small units a new capability with a fully-developed, portable, lethal loitering system,” said Dr. Thomas Bussing, Raytheon vice president of Advanced Missile Systems. “This system significantly enhances the situational awareness and combat power of small units operating on the battlefield.”

The Hero-30 derivative could fulfill conventional small-unit and special-operations requirements. Previous user evaluations have determined Hero-30 to be extremely flexible and simple to operate for small-unit operations.

“We are eager to begin work with Raytheon – one of the world’s most innovative technology and defense companies. The Hero-30 plays a significant role for ground forces regardless of the operating environment,” said Noam Levitt, UVision chief executive officer. “Our partnership with Raytheon provides valuable battlefield intelligence and the capability to directly engage enemy threats when necessary.”

UVision designs, develops and manufactures smart innovative, cost-effective, lethal aerial loitering systems for customers worldwide. With cutting-edge technology and 30 years of extensive field experience by a professional management team from leading Israeli defense companies, UVision delivers highly innovative loitering systems based on unique aerodynamic platform configurations. These solutions are tailored for unique flight qualities, surveillance, advanced airborne guidance and navigation systems, precision attack munitions, and command and control stations fully integrated with communication links. For more information, visit us at www.uvisionuav.com

Raytheon Company, with 2015 sales of $23 billion and 61,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 94 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I™ products and services, sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Mass. Visit us at www.raytheon.com and follow us on Twitter @Raytheon.