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A Canadian franchise group with U.S operations is buying most of the franchise assets of Richmond-based frozen yogurt company SweetFrog for a cool $35 million.

MTY Food Group Inc., based in Montreal, announced Tuesday that one of its wholly-owned subsidiaries has signed an agreement to acquire SweetFrog Premium Frozen Yogurt’s franchise system.

SweetFrog “is an exciting brand serving premium quality frozen yogurt and will fit perfectly within our portfolio of brands,” Jeff Smit of MTY’s U.S. operations said in a statement. MTY’s U.S. operations are in Scottsdale, Ariz.

MTY’s U.S. brands operated under its Kahala division include Baja Fresh, Cold Stone Creamery, Great Steak, Blimpie, La Salsa and Samurai Sam’s. MTY owns a license for TCBY Frozen Yogurt in Canada only.

SweetFrog has 254 franchised locations and 78 corporate-owned locations. Of those 332 restaurants, 324 are located in the United States and eight are located internationally. As part of the deal, the current 78 corporate-owned locations will transition to franchised locations under current ownership.