VAUGHAN, ON, June 29, 2015 /CNW/ - Cara Operations Limited (TSX:CAO) ("Cara") is pleased to announce that it has acquired the remaining 45% interest in 2446502 Ontario Inc. ("The Landing Group").
On December 18, 2014, Cara acquired a 55% controlling interest in The Landing Group through the purchase of common shares. As part of the initial acquisition agreement, Cara had an option to acquire the remaining 45% interest in The Landing Group, based on an agreed upon formula, at any time after December 18, 2018.
On June 26, 2015, Cara purchased the remaining 45% interest for a combination of cash and Cara subordinate voting shares. The subordinate voting shares were issued to the 4 key management founders of The Landing Group and are subject to a long-term lock-up agreement.
"Landing has proven high-performing restaurants that are a great complement to Cara's existing brands. We see the Landing Group of restaurants playing a more prominent role within Cara's overall portfolio of corporately-run restaurants in the coming years," commented Cara's Chief Executive Officer, Bill Gregson.
"Since joining Cara in December, Landing continued to operate independently yet enjoy the benefits of Cara's multi-brand system", commented Steve Pelton, CEO of The Landing Group. "We are excited about accelerating Landing's growth plans and look forward to contributing to the long-term success and growth of an industry-leading company like Cara."
The Landing Group is a metropolitan Toronto‑based, high‑volume, premium casual restaurant concept. Offering lunch, dinner and late night service, the Landing restaurants have an exciting bar‑restaurant atmosphere with unique indoor/outdoor configurations.
Founded in 1883, Cara is Canada's oldest and largest full-service restaurant company. Cara is a publicly traded company and it franchises and/or operates restaurant brands including Harvey's, Swiss Chalet, Kelsey's, East Side Mario's, Montana's, Milestones, Prime Pubs, Casey's, Bier Markt, and Landing restaurants. As at March 29, 2015, Cara had 834 restaurants across Canada, 89% of which are operated by franchisees. Cara's restaurants are located across Canada with 72% of Cara's locations based in Ontario. More information about the Company is available at www.cara.com.
SOURCE Cara Operations Limited