July 14, 2024

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Mediterranean chain Cava confidentially files for IPO

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Mediterranean chain Cava confidentially files for IPO

A logo outside of a Cava restaurant area in Chantilly, Virginia.

Kristoffer Tripplaar | Sipa United states | AP

Mediterranean chain Cava introduced Monday it has confidentially submitted for an original public supplying.

It really is the to start with restaurant organization so significantly this calendar year to get the initially move toward a general public current market debut, next a drought of IPOs in 2022.

Cava Group was launched in 2006 and opened its 1st rapidly-informal area in 2011, modeling its make-your-very own Mediterranean foods soon after the components created well known by Chipotle Mexican Grill. In 2018, it bought Zoes Kitchen for $300 million, using the chain private. The enterprise is converting Zoes destinations into new Cava places to eat, expanding its footprint.

Cava also sells its dips and spreads, like spicy hummus, tzatziki and tahini dressing, at Entire Foodstuff and other grocery outlets.

The organization elevated $230 million in April 2021 at a valuation of $1.71 billion, in accordance to Pitchbook data.

Cava stated Monday the offering is issue to sector situations and other things. Last yr, the war in Ukraine, soaring inflation and economic downturn fears brought about many businesses to scrap their strategies to go general public. Among individuals was Panera Bread, which was started by Cava trader and Chairman Ron Shaich.

Investors have experienced blended reactions to quick-everyday restaurant chains over the previous yr. Chipotle’s inventory has risen 13% as value hikes have fueled income expansion, but salad chain Sweetgreen has noticed its shares get rid of more than half their value above problems about its path to profitability.

Cava CEO Brett Schulman told CNBC in 2019 that the business was worthwhile at that time, which could make the presenting far more eye-catching to likely shareholders.

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