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The following is a proposed addition to the article Cara Operations
Cara's Development
[edit]Cara’s most successful acquisition came in the form of Swiss Chalet and Harvey’s in 1977 when they attained full ownership from FoodCorp Limited[1]. After 1977, Cara’s next acquisition was not until 1990, when they purchased Grand & Toy to expand their company. The next year, Cara bought Beaver Foods and Summit Food Service Distributors, a catering company for hospitals, offices and educational institutions and a distribution company respectively. However in 1996, Cara sold Grand & Toy to maintain a commitment to the food service industry and acquired a 37% share in The Second Cup Ltd. Two years later, in 1998, Cara became the largest shareholder of The Spectra Group of Great Restaurants Inc., owners of Milestones Grill and Bar[2]. In 1999, Cara became the majority owner of three chain restaurants: Kelsey’s Neighbourhood Bar & Grill, Montana’s Cookhouse and acquired the license to the Outback Steakhouse after acquiring a 61% ownership from Kelsey's International Inc[1]. In 2002, Cara made three large transactions. First, the organization completely bought the entire Second Cup organization[2], then exchanged its shares of Spectra Group of Great Restaurants for control over the Milestones Bar and Grill chain, and obtained 100% ownership of Kelsey’s International Inc[1]. While obtaining multiple restaurant chains, Cara sold its interest in Beaver Foods and Summit Food Service Distributors to Compass Group to maintain an organization focused on being restaurant owners in 2001[2]. Eleven years later, in 2013, Cara fully acquired Prime Restaurant Inc. which was previously bought by Fairfax Financial Holdings Ltd., allowing the organization full control of East Side Mario’s, Casey’s, Bier Markt, Prime Pubs (Fionn MacCool’s and The Merchant)[3] and in 2014, acquired the majority ownership of Landing Restaurants including Hunter’s Landing, Harper’s Landing, and Williams Landing[4]. Most recently in August of 2015, Cara obtained full ownership of New York Fries to expand its already extensive line of restaurant chains in Canada[5].
Key Acquisitions
[edit]- 1977 - Obtained full ownership of Swiss Chalet and Harvey's from FoodCorp Limited[1]
- 1996 - Acquired 37% share of The Second Cup Ltd.[2]
- 1998 - Cara became largest shareholder of The Spectra Group of Great Restaurants, owners of Milestones[2]
- 1999 - Acquired 61% ownership of Kelsey's International Inc.[1]
- 2002 - Cara completely bought The Second Cup Ltd.[2]
- 2002 - Cara exchanged their shares of The Spectra Group of Great Restaurants for ownership of the Milestones[1]
- 2002 - Obtained 100% ownership of Kelsey's International Inc.[1]
- 2013 - Fully acquired Prime Restaurant Inc, previously owned by Fairfax Financial Holdings[3]
- 2014 - Became majority share owners of Landing Restaurants (Hunter's Landing, Harper's Landing and Williams Landing)[4]
- 2015 - Obtained full ownership of New York Fries[5]
Ownership
[edit]Established in 1883, Cara has mostly been privately owned by the Phelan family that used to be called The Canada Railway News Company which sold snacks and newspapers at railway stations. In 1961, the Canada Railway News Company changed their name to Cara Operations Limited, and in 1968, Cara became publicly traded on the Toronto Stock Exchange for the first time[1]. However in 2004, after 36 years, Cara Operations became private when the publicly traded shares of the company were acquired by the majority shareholders, the Phelan family. In 2013, Cara Operations agreed to a deal with Fairfax Financial Holdings Ltd., an investor, to buy shares in order to pay down debt[6]. In the deal, Cara also became owners of Prime Restaurant Inc which allowed for the expansion of the company to own an 837 restaurant chain[7]. As a result of the deal, Fairfax Financial Holdings Ltd. became the majority stakeholders and Bill Gregson became the new president and CEO of Cara[7]. In April 2015, Cara became a publicly traded company again in the Toronto Stock Exchange which saw shares of Cara Operations as high as $33 after the initial public offering (IPO)) was set at $200 million with shares to be sold at $19 to $22[6]. As a result of returning to the Toronto Stock Market, Fairfax Financial Holdings Ltd and the Phelan family will have control over Cara Operations, 41% and 36% respectively, with the possession of the company's multiple voting shares at 25 votes per share[8].
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References
- ^ a b c d e f g h Canadian Business Resource. "Corporate Profile: Cara". Canadian Business Resource. 2015 Canadian Newspaper Services International Limited. Retrieved 15 October 2015.
{{cite web}}:|last1=has generic name (help) - ^ a b c d e f "Cara: Our History". Cara.
- ^ a b "Cara Operations announces plan to acquire Fairfax's restaurant holdings". Canadian Business. No. 31 October 2013. Rogers Media. Canadian Business. Retrieved 17 October 2015.
- ^ a b "Cara acquires majority in Landing Group". Ontario Restaurant News. Ishcom publications. 31 December 2014. Retrieved 15 October 2015.
- ^ a b Wright, Lisa (1 September 2015). "Cara Operations bulks up with New York Fries". Toronto Star Newspaper Ltd. Retrieved 16 October 2015.
- ^ a b Alexander, Doug (March 23, 2015). "Cara Operation Ltd to sell shares at $19 to $22 in $200-million IPO". Bloomberg News. National Post. Postmedia Network Inc. Retrieved 15 October 2015.
- ^ a b Shaw, Hollie (26 August 2015). "Cara Operations Ltd eyes fast-casual dining, menu innovation to boost sales". National Post. National Post. Postmedia Network Inc. Retrieved 15 October 2015.
- ^ The Canadian Press (April 10, 2015). "Cara CEO's stock options worth 94.7-million after IPO". The Globe and Mail. The Globe and Mail Inc. Retrieved 15 October 2015.