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Canada’s largest full-service operator expands in CA$200M cash-stock deal
Cara Operations Ltd. has agreed to buy 106-unit Keg Restaurants Ltd. in a deal worth about CA$200 million ($161.4 million), the companies said Tuesday.
Vaughn, Ontario-based Cara, which has 1,259 restaurants, mostly in Canada, said it agreed to pay CA$105 million ($85.2 million) in cash and 3.8 million Cara voting shares for the Vancouver-based casual-dining steakhouse chain.
The Keg has 96 restaurants in Canada and 10 units in Arizona, Colorado, Texas and Washington.
The Keg restaurants generate about CA$612.1 million ($496.5 million) in annual systemwide sales, the companies said. The Keg’s same-store sales growth in the first nine months of 2017 was 4.8 percent.
Cara also said it would change its name to reflect the Keg acquisition when t...
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