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Canadian restaurant giant Cara Operations to go public through stock sale
TORONTO – The company that owns Harvey’s, Swiss Chalet and several other restaurant chains is planning a return to the public stock market after an absence of more than a decade.
Financial details have yet to be determined, but Cara Operations announced Friday that it’s planning to sell subordinate shares through a public offering.
Cara’s multiple-vote shares will be owned by members of the Phelan family and Fairfax Financial Holdings (TSX:FFH).
Cara — which has restaurants under banners that also include Milestones, East Side Mario’s, Casey’s, Kelsey’s and Montana’s — was taken private in 2004.
The number of shares to be sold and the offering price has not been determined, but a preliminary prospectus filed with Canadian securities regulators says the money raised will be used primarily to reduce Cara’s debt.
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