Iconic restaurant Gibby's has been sold to Quebec-based Grandio Groupe.

The restaurant was established in 1969, and new owner Jean Bedard says he has no plans to change the style or ambiance of the classic steakhouses.

"We don't want to change that many things. We want to keep the DNA," he told CTV. "That's why these restaurants stay iconic brands."

The Old Montreal location is well known for its fireplaces and stone walls inside the Youville Stables. Gibby's co-founder Gilbert Rosenberg passed away in 2018, and discussions have taken place since then. Bedard said the deal started to be finalized last year, and the new ownership will officially begin on May 1.

"I think it's the right time. The restaurant industry has been through a lot. Like other businesses, you have to consolidate to make them more efficient and to move on in the future," said former owner George Chiotis.

Bedard added there are possible expansion plans, but didn't have specific locations in mind. He did say the primary focus is keeping new restaurants in Quebec.

Grandio Groupe also owns Moishes and the Cage aux Sports, and Bedard points out those brands have succeeded in the retail market. Gibby's may do the same with items like its pickles and salad dressings.

"The retail market... is so important in this day and age, and we haven't taken that much advantage of it," said former owner Morris Levi.

Another idea is opening for lunch to make the fine dining experience more accessible to those looking for a cheaper option. Bedard says with inflation and rising food costs, many restaurants have struggled to keep customers coming back.

"We'll work as hard as possible to keep the value there at Gibby's," he said, "I understand it's an expensive restaurant."