Fast-casual Mediterranean brand looks to raise as much as $274M in offering
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Cava Group Inc., parent to the 263-unit Mediterranean fast-casual Cava brand, is seeking to raise as much as $274 million in an initial public offering, valuing the company at the top end at $2.1 billion.
In documents filed Monday, the Washington, D.C.-based company said it was offering 14.4 million shares at between $17 and $19 each. The company plans to list on the New York Stock exchange under the symbol “CAVA.”
In a Securities and Exchange Commission update in May, Cava said it had driven total revenue from $45.4 million in fiscal 2016 to $564.1 million in fiscal 2022.
For the 16 weeks ended April 16, Cava said it narrowed its net loss to $2.1 million from $20 million in the prior-year period and increased its revenues to $203.1 million from $159 million.
In 2018, Cava acquired the then-public Zoes Kitchen Inc. of Plano, Texas, in a $300 million deal that included Panera founder Ron Shaich’s Boston-based Act III Holdings.
Cava’s IPO performance will be watched as other restaurant companies, including GEN Restaurant Group Inc. and Panera Brands, either file for public offerings or consider them.
Cava Group has restaurants in 22 states and the District of Columbia.
Contact Ron Ruggless at [email protected]
Follow him on Twitter: @RonRuggless
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