Paul David Phelan, the great-great grandson of the company’s founder, along with other shareholders, rejected the offer. The Phelans’ initial offer of $324 million, or $7.50 a share for the 47 per cent of the company they didn’t own, sparked a feud among family members. The SARS health scare in Toronto hurt tourism and also its hospital coffee shop business, while the August blackout in southern Ontario cut restaurant sales. The year 2003 had been a tough one for the company, which took a huge loss on its airline catering business after Air Canada filed for bankruptcy protection from creditors. The public offering comes just over a decade after the Phelans took the company private amid mounting losses and sliding sales. Harvey’s ranks 12th among fast-food rivals.īut Cara also owns four other leading casual brands, including Montana’s, Milestones, East Side Mario’s and Kelsey’s.Ī deal in 2013 that brought in Fairfax as an investor and a new management team, led by Bill Gregson, former chief executive at Sport Chek owner Forzani Group and more recently The Brick, has the group poised for growth, the company says.įairfax has a history of taking on turnaround projects, previously taking stakes in companies like Blackberry Ltd. Swiss Chalet is the country’s second largest full-service restaurant, after Boston Pizza. With 837 locations, Cara runs a distant third behind the owners of Tim Hortons/Burger King and McDonald’s. and Cara founding family, the Phelans, would remain the majority shareholders after the offering, the documents show.
The shares would trade under the under the proposed ticker symbol CAO, the company said.įairfax Financial Holdings Ltd. The proceeds would be used to pay down debt and position the company for future growth. The offering values Canada’s third largest restaurant operator at between $1 billion and $1.1 billion.įinal pricing of the shares is to be determined the week of April 6, the company says.
The owners of Swiss Chalet, Harvey’s and eight other casual restaurant chains hopes to raise $200 million from the public offering, according to the presentation.
That’s less than the $27.99 it costs to buy a Swiss Chalet “family pack,” including a rotisserie chicken, four buns, and fries, salads or other side dishes. expects to price its public stock offering between $19 and $22 a share, according to marketing materials filed with securities regulators. For less than the price of a Swiss Chalet chicken dinner, you could own a share in the parent company, public documents show.Ĭara Operations Ltd.
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