Cava considers IPO

Cava Group mulls public offering amid uncertain IPO market

Cava Group is considering an IPO, according to a statement the restaurant company released today, February 6. The Washington, DC-based company filed a form S-1 registration statement confidentially with the US Securities and Exchange Commission.

The company did not determine the number of shares or price range, it said.

Cava has grown rapidly over the past few years. In 2018, it acquired Zoe’s Kitchen and began converting those restaurants to the Cava brand. Zoe’s operated 268 restaurants at its peak and generated $340M in annual revenue.

The IPO market most recently has been challenging, particularly for restaurant companies. In 2021, Panera Bread considered a return to the public markets via Panera Brands, but had a change of heart. The vehicle for the IPO was to be Danny Meyer’s USHG Acquisition Corp SPAC (NYSE: HUGS).


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