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Cava (restaurant)

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Cava
Company typePublic
NYSE: CAVA
IndustryRestaurants
GenreFast Casual
Founded2006; 18 years ago (2006) (as Cava Mezze)
Rockville, Maryland, U.S.
Founders
  • Ted Xenohristos
  • Ike Grigoropoulos
  • Dimitri Moshovitis
  • Brett Schulman
Headquarters
Washington, D.C.
,
United States
Number of locations
309[1] (2023)
Area served
United States
Key people
RevenueIncrease US$729 million[1] (2023)
Number of employees
c. 8,100[1] (2023)
ParentCava Group, Inc.
Websitecava.com

Cava (stylized as CAVA), also referred to as Cava Grill, is a Mediterranean fast casual restaurant chain with locations across the United States. Cava is owned by the publicly traded Cava Group, which purchased Zoës Kitchen in August 2018.[3][4] The combined company is the largest restaurant operator in the Mediterranean category in the U.S. restaurant industry.[5] Cava also produces a line of Mediterranean dips, spreads, and dressings that are sold in grocery stores across the US.[3][6] As of May 2023, all Zoës Kitchen restaurants have been closed or replaced by Cava restaurants.

History

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In 2006, first-generation Greek Americans Ted Xenohristos, Ike Grigoropoulos, and Dimitri Moshovitis launched the full-service Cava Mezze restaurant in Rockville, Maryland, with Moshovitis as executive chef.[3][6][7] In 2008, Xenohristos, Grigoropoulos, and Moshovitis partnered with Geoff Maites and Kenny Maites to launch a line of dips and spreads, and grew the product line into over 200 stores, including Whole Foods Market.[8][9][10] 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).[7][9][11] They opened the first Cava restaurant in Bethesda, Maryland, in January 2011.[9][12]

In August 2018, Zoës was acquired by Cava Group, Inc. for $300 million in total enterprise value.[13]

In April 2021, Cava Group completed a $190 million series F funding round led by T. Rowe Price, bringing its value to nearly $1.3 billion.[14] Since 2015, the company has raised more than $640 million.[15]

By December 2022, the Cava Group had significantly reduced the number of Zoe's Kitchen locations. As of May 2023, all Zoe's Kitchen restaurants had closed, and many had been replaced by Cava restaurants.

On June 15, 2023, Cava made its public debut on the NYSE under the symbol CAVA.[16]

Restaurants and expansion

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Cava restaurant in Silver Spring, Maryland

In November 2018, Cava Group bought Zoës Kitchen, a restaurant chain with more than 250 locations, in a deal worth $300 million, taking the company private and helping Cava expand further into the suburbs.[6][17][18]

As of August 2021, there are 133 Cava locations. All Cava restaurants are company-owned, and none are franchised.[6] In 2020, Cava Group converted seven of its Zoës Kitchen locations to Cava-branded restaurants, with plans to convert 50 more in 2021.[14][15][18] It has additional off-premises and digital kitchens dedicated to preparing food for online orders.[18]

References

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  1. ^ a b c "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 27, 2024.
  2. ^ "Behind Cava Group's conversion of Zoe's Kitchen restaurants". Restaurant Business. January 11, 2023.
  3. ^ a b c "Bethesda Interview: The Cava Guys". bethesdamagazine.com. November 26, 2018. Retrieved August 26, 2021.
  4. ^ "The 13 Most Anticipated Restaurant Openings Around D.C., Summer 2021". dc.eater.com. June 25, 2021. Retrieved August 26, 2021.
  5. ^ "CAVA to acquire Zoe's Kitchen for $300 million". Reuters. August 17, 2018. Retrieved January 7, 2020.
  6. ^ a b c d "Cava: Healthy Mediterranean Chain Expanding And Acquiring". forbes.com. Retrieved August 26, 2021.
  7. ^ a b "People are obsessed with this Mediterranean chain that's taking over America — here are its secrets". Business Insider. March 30, 2017. Retrieved January 7, 2020.
  8. ^ Sidman, Jessica (September 26, 2013). "The Shopping Channel: Why Restaurants Are Drawn to the Shiny Lights of Grocery Store Shelves". Washington City Paper. Retrieved June 17, 2023.
  9. ^ a b c "Cava to nearly double by next summer". washingtonpost.com. Retrieved August 26, 2021.
  10. ^ "CAVA Expands Dips and Spreads Line to Whole Foods Nationwide". QSR Magazine. March 26, 2019. Retrieved January 7, 2020.
  11. ^ "3 tips for switching careers from guy who left finance for food". cnbc.com. May 25, 2016. Retrieved August 26, 2021.
  12. ^ "What Inspires Cava CEO Brett Schulman". qsrmagazine.com. October 13, 2017. Retrieved August 26, 2021.
  13. ^ Roumeliotis, Greg; Brumpton, Harry (August 17, 2018). "CAVA to acquire Zoe's Kitchen for $300 million". Reuters.
  14. ^ a b "Cava Restaurant Chain Nears $1.3 Billion Value With New Funding". Bloomberg. April 27, 2021. Retrieved August 26, 2021.
  15. ^ a b "Cava nabs a $190 million investment". restaurantbusinessonline.com. Retrieved August 26, 2021.
  16. ^ "Restaurant Chain Cava Soars in Debut After $318 Million IPO". Bloomberg.com. June 15, 2023. Retrieved June 15, 2023.
  17. ^ "Cava Group acquires a massive competitor". Washington Business Journal. August 17, 2018. Retrieved January 7, 2020.
  18. ^ a b c "Cava sets its sights on more extensive national presence after Zoes Kitchen acquisition". CNBC. April 18, 2019. Retrieved January 7, 2020.
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