Restaurant giant Cara Operations to buy The Keg in $200M takeover - Hallo friendsGOOD OF CONEX NEWS, In the article you read this time with the title Restaurant giant Cara Operations to buy The Keg in $200M takeover, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article health, Article news, Article sport, Article tips, Article treatment, We write this you can understand. Alright, good read.

Title : Restaurant giant Cara Operations to buy The Keg in $200M takeover
link : Restaurant giant Cara Operations to buy The Keg in $200M takeover

Restaurant giant Cara Operations to buy The Keg in $200M takeover

The owner of some of the biggest restaurant chains in Canada is about to get a bit bigger after Cara Operations struck a deal to buy steakhouse chain Keg Restaurants Ltd. for $200 million.

The two companies announced a deal on Tuesday that will see Vaughan, Ont.-based Cara take over The Keg chain of 106 steakhouses and add it to its stable of 1,259 restaurants in North America.

Vancouver-based Cara already owns some of the most well-known restaurant chains in Canada, including:

• Swiss Chalet. 
• Harvey's. 
• St‐Hubert. 
• Milestones. 
• Montana's.
• Kelsey's. 
• East Side Mario's. 
• New York Fries.
• Burger's Priest. 
• Prime Pubs.
• Original Joe's.
• State & Main.
• Elephant & Castle 
• Bier Markt. 
• Landing restaurants.
• The Pickle Barrel.

Across its network, Cara restaurants racked up more than $2 billion in sales last year. The Keg, meanwhile, booked just over $600 million from 106 locations.

The Keg's CEO, David Aisenstat, will remain with the company and take over control of Cara's other higher-end restaurant brands as part of the deal.

Cara is offering $105 million in cash plus almost 4 million shares in Cara to the Keg's two shareholders — Aisenstat, and Fairfax Financial Holdings Limited, which bought 51 per cent of The Keg in 2013.

The deal won't alter the taken over company's relationship with TSX-listed Keg Royalties Income Fund, which pays distributions to investors by collecting 4 per cent of sales from corporate and franchise-owned Keg restaurants and owns intellectual property related to The Keg name.

The two companies say they expect the deal to become official by the end of March, and Cara plans to change the name of the company to reflect the transaction. 

Let's block ads! (Why?)

Thus Article Restaurant giant Cara Operations to buy The Keg in $200M takeover

That's an article Restaurant giant Cara Operations to buy The Keg in $200M takeover This time, hopefully can give benefits to all of you. well, see you in posting other articles.

You are now reading the article Restaurant giant Cara Operations to buy The Keg in $200M takeover with the link address https://coneknews.blogspot.com/2018/01/restaurant-giant-cara-operations-to-buy.html

Tweet

Subscribe to receive free email updates: