According to Reuter’s, CAVA will pay $12.75 per share (a 33% premium to the 8/16/18 closing price). CAVA opened its 64th fast casual restaurant in Potomac Yards in DC earlier this week. This deal could potentially bring them up to over 300 locations. the purchase will be financed through a significant equity investment in Cava led by Act III Holdings, the investment vehicle create by Ron Shaich, founder, chairman, and former CEO of Panera Bread, and take Zoes private. After closing, Shaich will serve as chairman of the combined company. Brett Schulman, current CEO of Cava, will take over the same role to “work closely with the existing leadership teams at Zoes Kitchen and Cava to oversee their growth and evolution.
There are currently 3 Zoes Kitchen locations in MoCo– In Gaithersburg, Germantown, and Park Potomac.
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