Cara Operations Ltd to sell shares at $19 to $22 in $200-million IPO

Cara Operations, which owns Swiss Chalet, is planning a $200-million IPO.

Cara Operations Ltd., a Canadian restaurant company with brands including Swiss Chalet and Harvey\’s, aims to sell shares at $19 to $22 each within an initial public offering worth about $200 million, according to sale documents.

Cara, of Fairfax Financial Holdings Ltd., the Toronto-based insurer that\’s also a shareholder in BlackBerry Ltd., and members of Canada\’s Phelan family, plans to sell subordinated voting shares to pay for down debt, according to March 18 documents. That will give the company an industry valuation of $1 billion to $1.1 billion, the documents said.

Cara seeks to return to the stock markets 11 years following the Phelans took the company private to narrow the company\’s focus on restaurants. Cara, based in Vaughn, Ontario, has 837 restaurants across Canada and 10 brands including Milestones, Kelsey\’s, Bier Markt and East Side Mario\’s, according to filings.

Related

Categories: Finance

Tags: ,,,,

Leave A Reply

Your email address will not be published.