Operations

Cava going public

June 15, 2023

Washingon, D.C.-based Cava Group Inc., a 260-unit Mediterranean fast casual brand, is making its debut Thursday on theNew York Stock Exchange, pricing 14.44 million common shares at $22 each and valuing the company at $2.46 billion, according to a company press release.

"We have an amazing opportunity to define a new cuisine category, Mediterranean, across the country," CFOTricia Toliver said in an email to FastCasual. "CAVA is where health and taste unite. We currently operate 263 restaurants in 22 states and Washington D.C. and have a lot of room to expand our presence across the continental U.S. and within the suburban and urban markets where we already have a presence."

The chain intends to use the proceeds to fund future restaurant openings, with any remaining proceeds for general corporate purposes, which may include the repayment of its delayed draw-term loans used to finance construction and capital expenditures in respect of its new production facility in Verona, Virginia, according to the release.

J.P. Morgan and Jefferies are acting as joint lead book-running managers of the offering, and J.P. Morgan, Jefferies, and Citigroup are acting as representatives of the underwriters for the offering. Citigroup and Morgan Stanley are acting as joint bookrunners for the offering. Piper Sandler, Baird, Stifel, and William Blair are also acting as joint bookrunners for the offering. Capital One Securities, Blaylock Van, LLC, and Drexel Hamilton are acting as co-managers for the offering.