Cava (restaurant)
Parent Cava Group, Inc. | | |
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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sold in grocery stores across the US.[3][6] As of May 2023, all Zoe's Kitchen restaurants have been closed; many have been replaced by Cava restaurants.
History
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 of 2022, the Cava Group had significantly reduced the number of Zoe's Kitchen locations. As of May 2023, all Zoe's Kitchen restaurants have been closed; many have been replaced by Cava restaurants.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
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
- ^ a b c "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 27, 2024.
- ^ "Behind Cava Group's conversion of Zoe's Kitchen restaurants". Restaurant Business. January 11, 2023.
- ^ a b c "Bethesda Interview: The Cava Guys". bethesdamagazine.com. Retrieved August 26, 2021.
- ^ "The 13 Most Anticipated Restaurant Openings Around D.C., Summer 2021". dc.eater.com. Retrieved August 26, 2021.
- ^ "CAVA to acquire Zoe's Kitchen for $300 million". Reuters. August 17, 2018. Retrieved January 7, 2020.
- ^ a b c d "Cava: Healthy Mediterranean Chain Expanding And Acquiring". forbes.com. Retrieved August 26, 2021.
- ^ 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.
- ^ Sidman, Jessica (2013-09-26). "The Shopping Channel: Why Restaurants Are Drawn to the Shiny Lights of Grocery Store Shelves". Washington City Paper. Retrieved 2023-06-17.
- ^ a b c "Cava to nearly double by next summer". washingtonpost.com. Retrieved August 26, 2021.
- ^ "CAVA Expands Dips and Spreads Line to Whole Foods Nationwide". QSR Magazine. March 26, 2019. Retrieved January 7, 2020.
- ^ "3 tips for switching careers from guy who left finance for food". cnbc.com. Retrieved August 26, 2021.
- ^ "What Inspires Cava CEO Brett Schulman". qsrmagazine.com. Retrieved August 26, 2021.
- ^ Roumeliotis, Greg; Brumpton, Harry (August 17, 2018). "CAVA to acquire Zoe's Kitchen for $300 million". Reuters.
- ^ a b "Cava Restaurant Chain Nears $1.3 Billion Value With New Funding". bloomberg.com. Retrieved August 26, 2021.
- ^ a b "Cava nabs a $190 million investment". restaurantbusinessonline.com. Retrieved August 26, 2021.
- ^ "Restaurant Chain Cava Soars in Debut After $318 Million IPO". Bloomberg.com. 2023-06-15. Retrieved 2023-06-15.
- ^ "Cava Group acquires a massive competitor". Washington Business Journal. August 17, 2018. Retrieved January 7, 2020.
- ^ a b c "Cava sets its sights on bigger national presence after Zoes Kitchen acquisition". CNBC. April 18, 2019. Retrieved January 7, 2020.
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