CAVA Group to Acquire Zoës Kitchen for $300 Million

Fast casual chain Zoës Kitchen currently operates about 260 restaurants throughout the country, including this one in Tallahassee, Fla. Fast casual chain Zoës Kitchen currently operates about 260 restaurants throughout the country, including this one in Tallahassee, Fla.

Plano, Texas — CAVA Group Inc., a privately held restaurant group specializing in Mediterranean cuisine, will acquire Zoës Kitchen for approximately $300 million.

The Plano-based fast casual chain has about 260 restaurant locations throughout the country. Under the terms of the agreement, shareholders of Zoës Kitchen will receive $12.75 in cash for each share of common stock, a premium of approximately 33 percent over the closing share price on August 16, 2018 (the stock price opened at $13.30 per share on Tuesday, August 21). The transaction is expected to close during the fourth quarter.

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