Texas | August 18, 2018

Cava Group Shelling Out $300M for Zoe’s Kitchen

Zoe’s Kitchen Inc., a fast-casual restaurant headquartered in Plano, TX, entered into an agreement to be acquired by Cava Group Inc. The latter, which is paying approximately $300 million for the 261-unit Zoe’s chain, has its own Mediterranean culinary brand. When the transaction closes in Q4 2018, the combined entity will have 327 restaurants in 24 states throughout the U.S.

The acquisition is being financed by an equity investment in Cava, led by Act III Holdings. The investment vehicle was created by Ron Shaich, founder, chairman, and former CEO of Panera Bread, and funds advised by The Invus Group, with participation from existing investors SWaN & Legend Venture Partners and Revolution Growth.

Cava CEO Brett Schulman will serve as Chief Executive Officer of the combined company. Ron Shaich will serve as Chairman.

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