Company:Cava (restaurant)
 | |
| Type | Public |
|---|---|
| NYSE: CAVA | |
| Industry | Restaurants |
| Genre | Fast Casual |
| Founded | 2011 (as Cava Mezze) Rockville, Maryland, U.S. |
| Founders |
|
| Headquarters | , United States |
Number of locations | 290[1] (2023) |
Area served | United States |
Key people | Brett Schulman (CEO)[2] |
| Products | Sandwiches Pitas Salads Other food products |
| Revenue |  US$551 million[1] (2023) |
Number of employees | 7,750[3] (2023) |
| Parent | Cava Group, Inc. |
| Website | cava |
Cava (stylized as CAVA) and also referred to as Cava Grill, is 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.[4][5] The combined company is the largest restaurant operator in the Mediterranean category in the U.S. restaurant industry.[6] Cava also produces a line of Mediterranean dips, spreads, and dressings that are sold in grocery stores across the US.[4][7] As of May 2023, all Zoe's Kitchen restaurants have been closed; many have been replaced by Cava restaurants.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.[4][7][8] 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.[9][10][11] 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).[8][10][12] They opened the first Cava restaurant in Bethesda, Maryland, in January 2011.[10][13]
In August 2018, Zoës was acquired by Cava Group, Inc. for $300 Million in cash for each Zoës common share.[citation needed]
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 reducing 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 As of May 2023, all Zoe's Kitchen restaurants have been closed, many have been replaced by Cava restaurants.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.[7][17][18]
As of August 2021, there are 133 Cava locations. All Cava restaurants are company-owned, and none are franchised.[7] In 2020, Cava Group converted seven of its Zoës Kitchen locations to Cava-branded restaurants and 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]
In November 2021, Cava closed its outpost in Barracks Row in Washington, DC., which was the second location it had opened in 2009, to "concentrate on our new concepts and other locations."[19]
References
- ↑ 1.0 1.1 "Form 10-Q". U.S. Securities and Exchange Commission. 1 October 2023. https://d18rn0p25nwr6d.cloudfront.net/CIK-0001639438/f4d78a21-1bb1-4fa9-a804-ffaee3da31d3.pdf.
- ↑ "Behind Cava Group’s conversion of Zoe’s Kitchen restaurants". January 11, 2023. https://www.restaurantbusinessonline.com/financing/behind-cava-groups-conversion-zoes-kitchen-restaurants.
- ↑ "CAVA Group Employees". Stock Analysis. 16 April 2023. https://stockanalysis.com/stocks/cava/employees/.
- ↑ 4.0 4.1 4.2 "Bethesda Interview: The Cava Guys". https://bethesdamagazine.com/bethesda-magazine/november-december-2018/bethesda-interview-the-cava-guys/.
- ↑ "The 13 Most Anticipated Restaurant Openings Around D.C., Summer 2021". https://dc.eater.com/2021/6/25/22523094/d-c-most-anticipated-restaurants-opening-summer-2021.
- ↑ "CAVA to acquire Zoe's Kitchen for $300 million". Reuters. August 17, 2018. https://www.reuters.com/article/us-zoe-s-kitchen-m-a-cava/cava-to-acquire-zoes-kitchen-for-300-million-idUSKBN1L217V. Retrieved January 7, 2020.
- ↑ 7.0 7.1 7.2 7.3 "Cava: Healthy Mediterranean Chain Expanding And Acquiring". https://www.forbes.com/sites/garystern/2019/11/15/cava-healthy-mediterranean-chain-expanding-and-acquiring/?sh=208251fa1434.
- ↑ 8.0 8.1 "People are obsessed with this Mediterranean chain that's taking over America — here are its secrets". Business Insider. March 30, 2017. https://www.businessinsider.com/cava-grill-expansion-2017-3?r=US&IR=T. Retrieved January 7, 2020.
- ↑ Sidman, Jessica (2013-09-26). "The Shopping Channel: Why Restaurants Are Drawn to the Shiny Lights of Grocery Store Shelves" (in en-US). http://washingtoncitypaper.com/article/353636/the-shopping-channel-why-restaurants-are-drawn-to-the-shiny-lights-of-grocery-store-shelves/.
- ↑ 10.0 10.1 10.2 "Cava to nearly double by next summer". https://www.washingtonpost.com/business/capitalbusiness/cava-to-nearly-double-by-next-summer/2014/08/01/d28a9122-1666-11e4-85b6-c1451e622637_story.html.
- ↑ "CAVA Expands Dips and Spreads Line to Whole Foods Nationwide". QSR Magazine. March 26, 2019. https://www.qsrmagazine.com/news/cava-expands-dips-and-spreads-line-whole-foods-nationwide. Retrieved January 7, 2020.
- ↑ "3 tips for switching careers from guy who left finance for food". https://www.cnbc.com/2015/08/21/former-bankers-trust-and-deutsche-bank-trader-eats-up-mediterranean-fast-food-market.html.
- ↑ "What Inspires Cava CEO Brett Schulman". https://www.qsrmagazine.com/start-finish-what-inspires-execs/what-inspires-cava-ceo-brett-schulman.
- ↑ 14.0 14.1 "Cava Restaurant Chain Nears $1.3 Billion Value With New Funding". https://www.bloomberg.com/news/articles/2021-04-27/cava-restaurant-chain-nears-1-3-billion-value-with-new-funding.
- ↑ 15.0 15.1 "Cava nabs a $190 million investment". https://www.restaurantbusinessonline.com/financing/cava-nabs-190-million-investment.
- ↑ "Restaurant Chain Cava Soars in Debut After $318 Million IPO" (in en). Bloomberg.com. 2023-06-15. https://www.bloomberg.com/news/articles/2023-06-15/restaurant-chain-cava-soars-in-debut-after-318-million-ipo.
- ↑ "Cava Group acquires a massive competitor". Washington Business Journal. August 17, 2018. https://www.bizjournals.com/washington/news/2018/08/17/cava-groupacquires-a-massive-competitor.html. Retrieved January 7, 2020.
- ↑ 18.0 18.1 18.2 "Cava sets its sights on bigger national presence after Zoes Kitchen acquisition". CNBC. April 18, 2019. https://www.cnbc.com/2019/04/17/cava-sets-its-sights-on-bigger-national-presence-after-zoes-kitchen-acquisition.html. Retrieved January 7, 2020.
- ↑ "Cava Mezze on Barracks Row Closes After 12 Years". Barred In DC. December 1, 2021. https://barredindc.com/2021/12/01/cava-mezze-on-barracks-row-closes-after-12-years/. Retrieved December 2, 2021.
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