MTY Food Group, which owns a number of restaurants including Thai Express, has hired a financial adviser to begin a formal review process.

MTY Food Group Inc.’s MTY-T decision to explore a sale should attract private equity players hungry for its steady franchise royalty revenues, but its wide smorgasbord of banners might scare away some buyers, according to analysts.

The Montreal-based company behind Thai Express, Wetzel’s Pretzels and other restaurants confirmed late Monday that it has hired a financial adviser to begin a formal review process with the aim of boosting shareholder returns. A range of options are being considered, including the sale of all or part of the company as well as pushing on with management’s current business plan, it said in a statement.

MTY’s stock price

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