Los Angeles CA
2-06-2023 3:22pm

Cava, Mediterranean Casual Restaurants, Softly Announces IPO

Photo is a representation of a Greek Salad. Cava, the largest national Mediterranean Casual Restaurant chain, was established in 2010. An infusion of $190million in 2021, despite the pandemic, was used for expansion.

 National Restaurant News, Bloomberg, Reuters and subsequently all the network financial reporters, are covering Cava's proposed public offering.  But by defintition of  a  "confidential filing"  details of the price range or number of shares have been disclosed.  

National Restaurant News says "Cava is the first restaurant brand to file for an IPO in 2023, after a slow 2022; its valuation has not yet been determined."

It should be also noted the restaurant entered the 2020-2022 national shutdown with a stronger position, having already established off-premise digital kitchens and expansion of drive-thru opportunities for customers.

April 2021 Brett Schulman, CAVA CEO issued a statement concerning the Series F funding round of $190 million. Bloomberg reported a $1.3 billion value.

"The new infusion of capital will enable expansion of Cava’s footprint through our proven conversion strategy and accelerate investments in technology that enable greater access, drive meaningful scale in digital and off premises sales, and create an ecosystem of 1:1 engagement with our guests"

  • Finance ongoing conversion of Zoe's Kitchen locations to the Cava brand
    • 50 Zoe's Kitchen locations are scheduled to be converted in 2021
  • Expand Cava into new markets
    • 14 in Atlanta
  • Double down expansion in suburban communities
  • Expand consumer packaged goods business - a source of key growth opportunity
  • Invest in vertically integrated production model for packaged dips & spreads
  • Next-Gen digital technologies.

There are 16 locations in California including two in the San Fernando Valley. Nationally they are located in twenty-four states.

CAVA - 6256 Topanga Canyon in Woodland Hills - The Village 

CAVA - 20165 Rinaldi in Porter Ranch - The Vineyards  

The restaurant was established in Maryland when, according to the CAVA website 

"Ike Grigoropoulos, Chef Dmitri Moshovitis, and Ted Xenohristos have known each other since they were six. They were often found goofing off in their Greek church’s Sunday School class, before heading to their respective parents’ homes for a big Sunday lunch.  They, along with co-founder Brett Schulman, opened CAVA in 2010 to share the food they loved in an accessible fast-casual format."

Prior to Brett Schulman joining the three friends, they had established five CavaMezze restaurants, the first in 2006 in Rockville, Maryland. Then by 2008 they added a product line of select dips and spreads, selling to over 200 stores AND Whole Foods. This success was before Amazon acquired the Whole Foods natural food chain and subsequently limited customer selection of new food entries by entrepreneurs. 

An additional expansion of the Cava brand, occurred in 2018 with the purchase of ZOE's which had 250 locations, although none in California. 

Cava proudly details select food suppliers on their website:

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