Reuters reported that CAVA will be acquiring Zoe’s Kitchen Inc. for approximately $300 million (with backing from a group of investors that includes Panera Bread founder, Ron Shaich).
The deal is not quite finalized, as Zoe’s Kitchen will have 35 days to find a better offer, but it seems likely that the deal will go through. According to Reuter’s, CAVA will pay $12.75 per share (a 33% premium to the 8/16/18 closing price).
CAVA opened their 64th fast casual restaurant in Potomac Yards in DC earlier this week. This deal could potentially bring them up to over 300 locations.
There are currently 3 Zoes Kitchen locations in MoCo– In Gaithersburg, Germantown, and Park Potomac.