Cava is making its debut on the New York Stock Exchange Thursday morning, with its IPO priced at $22 per share, valuing the company at $2.5 billion. The company, which was started by three Montgomery County natives with its first full-service restaurant in Rockville in 2006 (Cava Mezze in Traville Gateway), has since become the largest restaurant operator in the Mediterranean category in the U.S. restaurant industry, has opened over 200 restaurants since opening its first fast-casual spot in Bethesda in 2011.
In 2006, first-generation Greek Americans Ted Xenohristos (Paint Branch High School), Ike Grigoropoulos (Gaithersburg High School), and Dimitri Moshovitis (Quince Orchard High School) launched the full-service Cava Mezze restaurant in the Traville Gateway shopping center (Rockville), with Moshovitis as executive chef. Following the launch of four additional restaurants, in 2008, Xenohristos, Grigoropoulos, and Moshovitis launched a line of dips and spreads to over 200 stores, including Whole Foods Market. In 2009, Brett Schulman joined them as CEO and co-founder of the fast-casual chain CAVA (originally called Cava Mezze Grill, later rebranded as Cava Grill and then simply as CAVA). The group opened the first CAVA restaurant in Bethesda in January 2011.
The company will trade on the New York Stock Exchange under the ticker CAVA.
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