Cava Group to acquire Mediterranean restaurant chain Zoës Kitchen
Cava Group Inc. has agreed to acquire Mediterranean restaurant chain, Zoës Kitchen Inc., in a deal worth approximately $300mn.
Headquartered in Texas, US, Zoë’s Kitchen is a fast-casual chain that has 261 locations in the US.
Cava Group will pay $12.75 per share for Zoës Kitchen, a 33% premium to its closing price on Thursday.
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Cava Group is a privately held company with approximately 60 restaurants. The firm also sells dips and spreads to more than 250 Whole Food Markets in the US.
In a press statement, Cava Group said it decided to acquire Zoës Kitchen because of its shared vision.
“Like CAVA, Zoës Kitchen has a shared heritage, as it was founded by a Greek-American family who wanted to bring the food of their upbringings to a wider audience,” the firm wrote in a statement.
“As a business, Zoës Kitchen also shares our passion for putting their people and their guests at the centre of every decision.”
Cava Group’s acquisition of Zoës Kitchen will create the largest restaurant operator in the Mediterranean category, according to Reuters.
Brett Schulman, CAVA Chief Executive Officer said: “Today’s announcement is an exciting milestone for CAVA, and we’re thrilled to welcome Zoës Kitchen to our family.
“Together, these two brands are united by a shared heritage and passion for exceptional Mediterranean cuisine.
“Now with the addition of Zoës Kitchen, we will be able to broaden our geographic footprint and meet the needs of even more guests — whether in Bethesda or Birmingham, Plano or Pasadena — who crave delicious, healthy food without compromise.
“As part of the CAVA family, Zoës Kitchen will benefit from CAVA’s track record of bold culinary innovation and leveraging data and technology to drive growth and convenience.”