Fairfax Ups Stake in Imvescor Restaurant
The financial services firm increases its holdings in owner of Pizza Delight to 23.6 percent
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) has purchased an additional stake in Imvescor Restaurant Group Inc. (TSE: IRG), a casual-dining franchisor in Canada, for about $1.4 million, or $0.85 per share.
Fairfax, a financial services company that mainly invests in property and casualty insurance firms, acquired 1,698,200 common shares of Imvescor. The deal brings Fairfax's total holdings to 9,897,509 shares, or about 23.6 percent of the total common shares outstanding. The firm first acquired a 19.5 percent stake in Imvescor on Sept. 20,
Headquartered in Moncton, New Brunswick, Imvescor owns four brands of franchised and corporate stores throughout Canada, including Pizza Delight, Trattoria di Mikes, Scores and Baton Rouge Restaurant and Bar.
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