Cava has completed the acquisition of Zoe’s Kitchen, according to an announcement from Cava November 21. Zoe’s shareholders received $12.75 per share in the all-cash transaction. Panera Founder Ron Shaich had backed the deal, which was funded by his Act II Holdings investment… SWaN & Legend Venture Partners and Revolution Growth.
Sweetgreen, a health-oriented fast-casual chain, serving creative salads and bowls built around proteins, grains and vegetables, has raised $200M in its latest raise, following a $35M raise just three years ago. This new round was led by Fidelity Investments. Sweetgreen plans to use the investment to further advance its digital platform, it announced... allow the 90-unit chain to advance its supply chain platform through the use of blockchain.
Charlotte, N.C.-based Bojangles’ announced that it would be acquired by Durational Capital Management and The Jordan Company for $16.10 per share or about $594M... The buyout offer represents a 39-percent premium over the closing share price February 12, 2018, when there was initial speculation of a potential transaction, said the 766-unit chicken and biscuit chain.... a Bojangles’ sale culminated in a report by Reuters September 28 that the company was seeking strategic alternatives.
Consumers are enjoying restaurant food in the comfort of their own homes and their places of work. Restaurant chains have focused on delivery and takeout as a way to capture the upside of this trend. According to Melissa Wilson of restaurant consulting firm, Technomic, appearing in April at the Restaurant Leadership Conference in Phoenix, restaurant delivery is expected to grow by 12 percent. ..In fact, several high-profile announcements during the summer have highlighted the importance of delivery to restaurant chains. Chipotle, Naf Naf Grill, California Pizza Kitchen, Shake Shack, and Applebee’s...
More than 25 percent of sales for the combined chains of Bloomin’ Brands—Outback Steakhouse, Bonefish Grill, Carrabba’s Italian Grill and Fleming’s Prime Steakhouse and Wine Bar—in the very near future, said Elizabeth Smith, CEO for Bloomin’ Brands on a Q3 investor conference call September 29. The company benefited from having added 240 locations across the system thus far, and Bloomin’ Brands expects to add another 200 units by the end of this year... about 70 to 80 percent of Carrabba’s and Outback stores are “eligible” to be delivery restaurants (urban/suburban vs. rural).
The One Group Hospitality hires two senior executives, taps Celeste Fierro for VP of Special Events role
The One Group Hospitality, Inc. has transitioned Celeste Fierro to the new vice president of Special Events position as it leverages her special event expertise and hires two new executives. The One Group oversees the STK restaurant chain, a hip, high-energy steakhouse concept. The new executives joining The One Group are Connie Collins, named vice president of Operations and Global Training, and Tyler Loy, who has joined the team in a newly-created position, taking on the vice president of Strategy and Measurement role.
Embracing and understanding this next generation of consumer, Gen Z, is important to restaurateurs and restaurant companies across the United States. After all, this is the generation that spends the most of their hard-earned dollars on food prepared outside the home. According to a Piper Jaffray… 24 percent of Gen Z spending is on food. This is the generation that is seeing its maturation occur in a rapidly changing world.