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☆ Apollo to take Wagamama owner Restaurant Group private for $623 mln
▼ + stars: | 2023-10-12 | by ( Eva Mathews | ) www.reuters.com time to read: +2 min

A sign of Wagamama restaurant is seen in London, Britain, October 5, 2020. Under the terms of the deal announced on Thursday, The Restaurant Group's (TRG) shareholders will get 65 pence in cash for each share held, a premium of about 34% to the stock's last closing price. Shares in the small cap constituent (.FTSC) jumped 37.1% to 66.5 pence, its highest percentage gain since April 2020. There has also been pressure from shareholders and activist investors Irenic Capital and Oasis Management in recent months to change management and improve profitability. Another analyst at Shore Capital said the offer price was "too low" given the company's efforts to improve margins and reduce leverage.

Persons: Hannah McKay, Ken Hanna, Benny's, Eva Mathews, Subhranshu Sahu, Elaine Hardcastle, Miral Organizations: REUTERS, Apollo, Irenic Capital, Oasis Management, Cafe, Shore Capital, Thomson Locations: London, Britain, TRG, Cafe Rouge, Bengaluru

☆ Apollo may get noodle LBO thrown back in its face
▼ + stars: | 2023-10-12 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

The private equity firm has offered to buy Wagamama owner Restaurant Group (RTN.L) for 701 million pounds including debt. Restaurant Group is an obvious takeover target. And Restaurant Group itself reckons it can crank up its EBITDA margin by as much as 3.5 percentage points by 2026. Apollo could comfortably double its money, assuming it used debt of around 300 million pounds to buy the business, or 3 times 2024 EBITDA. The deal is being undertaken by a special purpose vehicle indirectly owned by Apollo Funds, managed by affiliates of Apollo Global Management.

Persons: Andy Hornby, Frankie, Jefferies, John Wood, Neil Unmack, Oliver Taslic Organizations: Reuters, Restaurant, Irenic Capital, Oasis Management, Apollo Group, Restaurant Group, Apollo Funds, Apollo Global Management, Thomson Locations: Britain

NEW YORK (AP) — Michael Chiarello, a chef known for his Italian-inspired Californian restaurants who won an Emmy Award for best host for “Easy Entertaining With Michael Chiarello" and appeared on Bravo’s “Top Chef” and “Top Chef Masters,” has died. Chiarello died Friday at Queen of the Valley Medical Center in Napa due to an allergic reaction that resulted in anaphylactic shock, according to Chiarello’s restaurant group Gruppo Chiarello. He also owned the Chiarello Family Vineyards in Yountville, California. Political Cartoons View All 1205 ImagesIn 1985, Food & Wine Magazine named Chiarello Chef of the Year and in 1995, he received the Culinary Institute of America's Chef of the Year Award. His books included “LiveFire Cookbook," "The Tra Vigne Cookbook," ”Michael Chiarello’s Bottega," “Michael Chiarello’s Casual Cooking,” “Napa Stories” and “Flavored Vinegars."

Persons: — Michael Chiarello, Michael Chiarello, ”, Masters, Chiarello, Michael, Bottega, Zagat, Lasagnetta, Pesce, Ottimo, “, Michael Chiarello’s Bottega, Michael Chiarello’s, Eileen Organizations: Valley Medical, Culinary Institute of America, Forbes, Esquire, Wine Magazine, Culinary Institute, America's, Lifetime Locations: Napa, New York, Miami, Napa Valley, San Francisco, Yountville , California

The mandatory raise would apply to all fast food restaurants in California that are part of a chain with at least 60 locations nationwide. The agreement ends an tense standoff between labor unions and the fast food industry that started last year when Democratic Gov. Gavin Newsom signed a law creating a Fast Food Council with the authority to raise wages of fast food workers up to $22 per hour. In exchange for a $20 minimum wage, labor unions have withdrawn their legislation to make fast food companies liable for their franchise operators' labor violations and lawmakers have stripped funding for the Industrial Welfare Commission. The Fast Food Council created in the original legislation would still exist, but it would only have the authority to set wages, not workplace standards.

Persons: Ingrid Vilorio, ”, Vilorio, Gavin Newsom, Newsom, Kathy Fairbanks, Sean Kennedy, Joseph Bryant, Olga R, Rodriguez Organizations: San Francisco Bay Area, Democratic Gov, Food, Democratic, Industrial Welfare Commission, Food Council, National Restaurant Association, Service Employees International Union Locations: SACRAMENTO, Calif, California, San Francisco Bay, U.S, San Francisco

☆ Wagamama owner Restaurant Group projects higher annual profit
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

A sign of Wagamama restaurant is seen in London, Britain, October 5, 2020. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsSept 6 (Reuters) - Restaurant Group (RTN.L),the owner of Wagamama and Brunning & Price restaurants, said on Wednesday it expects annual profit to be higher after posting an increase in first-half earnings helped by more people dining at its joints. The group, which did not mention a range for its profit expectations for the year, said cost outlook for the medium term continued to improve. Analysts, on average, expected core profit to be about 77.5 million pounds for the year, according to company compiled consensus. Restaurant Group reported a 15% rise in adjusted core profit to 36.3 million pounds ($45.7 million) for the half-year ended July 2.

Persons: Hannah McKay, Radhika Anilkumar, Dhanya Ann Thoppil Organizations: REUTERS, Price, Restaurant Group, Thomson Locations: London, Britain, Bengaluru

Aug 24 (Reuters) - A Las Vegas restaurant whose parent is led by Michelin-starred chef Thomas Keller was sued on Thursday by a U.S. government agency, which accused managers of sexually harassing female and male employees on a daily basis. Keller's company, Thomas Keller Restaurant Group, is also a defendant. The EEOC filed its lawsuit in federal court in Las Vegas. It also filed three other sexual harassment lawsuits on Thursday against restaurants in the Las Vegas area. The EEOC said the misconduct at Bouchon included sexual advances, sexually charged comments and unwanted advances, primarily by men.

Persons: Thomas Keller, Keller, Mario Batali, John Besh, Ken Friedman, EEOC, Carol Zavala, Zavala, VII, Jonathan Stempel, Jonathan Oatis Organizations: Michelin, U.S, Employment Opportunity Commission, Thomas Keller Restaurant, Civil, District of, Thomson Locations: Vegas, Las Vegas, California , New York, Miami, Northern, Napa Valley, Se, New York City, U.S, District, District of Nevada, New York

☆ Simon Rogan, Michelin-starred chef, fights toxic kitchen culture
▼ + stars: | 2023-08-23 | by ( Maggie Wong | Maggie Hiufu Wong | ) edition.cnn.com time to read: +13 min

We’re gonna push you.’”Chef Simon Rogan thinks a change in kitchen culture is overdue. Meanwhile, reality TV shows glorifying intense and even toxic kitchen culture, such as “Hell’s Kitchen,” have been captivating audiences for years. Rogan, seen here on his farm in Cartmel, England, claims there has never been a better time to join the restaurant industry. A commis chef (novice chef) in our rural location makes about £30,000 [per annum] ($38,155),” says Rogan. Most of their restaurants offer a five-day work week and a 10-hour work shift, as opposed to the six-day work week followed by many of the region’s eateries.

Persons: Simon Rogan, ” Rogan, squinting, You’ve, Maggie Hiufu Wong, Barbara Lynch, Lynch, Copenhagen’s Noma, René Redzepi, Noma, Michel Roux Jr, Le Gavroche, Rogan, ”, wasn’t, “, Rogan's, Simon Rogan “, you’ve, “ We’ll, L’Enclume, ‘, Caleb Ng, Joshua Ng, Ng, ” Ng Organizations: CNN, CNN Travel, Financial Times, Financial, Le, ”, Michelin, Twins, Shanghai – Locations: New York, Boston, Menton, Copenhagen, London, “, Cartmel, England, Hong Kong, United Kingdom, American, Singapore, Shanghai

☆ Popeyes is coming back to China in a big way
▼ + stars: | 2023-08-22 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Shares of the operator, Shanghai-based Tims China (THCH), rose 3.6% in New York following the news. The company is best known as the operator of Tim Hortons coffee shops in China but recently bought the franchise for Popeyes in the country. “We are thrilled to open our first Popeyes restaurant in China, a milestone in our longer-term strategy,” Tims China CEO Yongchen Lu said in a statement. The fried chicken chain previously operated in China under TFI Tab Food Investments, a quick service restaurant group based in Turkey. The US company signed a new partnership deal last year with private equity firm Cartesian Capital Group, the founder and top shareholder of Tims China.

Persons: Fried, Tim Hortons, Yongchen Lu, ” Tims, Tims, Lu, Burger, Joshua Kobza, “ Organizations: Hong Kong CNN, Popeyes, TH, Subway, Restaurant Brands, TFI, Food Investments, PLKC International Locations: Hong Kong, China, Shanghai, New York, New Orleans, Popeyes, Turkey, Tims China, Macao

☆ CNBC Pro Talks: This analyst is betting on 'high quality' stocks instead of chasing trends
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +2 min

They will discuss companies outside the U.S. showing growth prospects that are "far larger over time" than that of some mega-caps, historically. That includes being able to avoid chasing trends, not overpaying for quality companies, and much more. She will discuss the firm's $5 billion-plus Global High Quality Fund, which invests in global stocks with a "high quality bias." Join CNBC Pro Talks on Wednesday, August 23, at 12 p.m. BST / 7:00 p.m. SGT / 7:00 a.m. Here's where he's investing Related coverage from Pro: Here are 7 beaten-up global stocks that analysts expect will double Annuities, stocks or Treasurys?

Persons: Hannah Gooch, Peters, Gooch, Guy Spier, Buffett Organizations: Sanlam Investments, Quality Fund, Yum Brands, Nvidia, Bank of America Locations: U.S, Downside

☆ Ending tipped wage system will hurt the people it's trying to help: Fifty/50 Group's Scott Wiener
▼ + stars: | 2023-08-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnding tipped wage system will hurt the people it's trying to help: Fifty/50 Group's Scott WienerScott Weiner, The Fifty/50 Restaurant Group co-owner, joins 'Squawk Box' to discuss the latest fight in the war over tipping, after activists in Chicago want to end the city's 'tipped wage system', under which some restaurants are allowed to pay servers less than minimum wage as long as tips boost their earnings up to or above that level, the impact on the labor force, inflation, and the city's culinary experience.

Persons: Scott Wiener Scott Weiner Locations: Chicago

☆ A California-based Korean BBQ chain attracting Wall Street and meat lovers is now expanding across the US — see what it's like to dine there
▼ + stars: | 2023-08-20 | by ( Brittany Chang | ) www.businessinsider.com time to read: +1 min

Gen Korean BBQ, an all-you-can-eat Korean barbecue chain, is rapidly expanding across the US. The casual restaurant offers endless mounds of Korean-inspired meats for patrons to cook at their tables. See what it's like to dine at its newer New York City location. Gen Korean BBQ, founded by two Korean immigrants, first hit the Los Angeles food scene in 2011, wooing diners with its marinated meats, do-it-yourself culture, and banchan (side dishes). In 2023, Gen opened its first East Coast locations in New York City and Fort Lauderdale, Florida.

Persons: Gen, — Organizations: Service Locations: New York City, Wall, Silicon, Angeles, California, Texas, Coast, Fort Lauderdale , Florida

☆ MrBeast sabotaged his own burger brand, his restaurant partner claims in a new lawsuit. The YouTube star recently sued the ghost kitchen operator, accusing it of making 'terrible quality' food.
▼ + stars: | 2023-08-07 | by ( Nancy Luna | ) www.businessinsider.com time to read: +5 min

Last week, YouTube star MrBeast sued the restaurant firm behind his namesake burger brand. YouTube star Jimmy Donaldson used his fame to "torpedo" the burger brand, the VDC suit says. The lawsuit comes a week after Beast Investments sued Virtual Dining Concepts alleging that VDC had ignored the MrBeast Burger Brand. MrBeast Burger debuted in 2020 and is sold in hundreds of restaurants seeking to use excess kitchen space to earn additional revenue. The reality is that the overwhelming majority of customers were highly satisfied, and the product was excellent," the VDC suit said.

Persons: MrBeast, Jimmy Donaldson, Donaldson, Burger, MrBeast Burger, Donaldson's, Travis Kalanick's CloudKitchens, Dorothy Calba Organizations: Concepts, YouTube, Service, Beast Investments, Dining, Twitter, Burger, Kitchen United, Euromonitor Locations: Wall, Silicon, New York, MrBeast, Florida, Washington

☆ Luminary, an AI-generated pop-up restaurant, just opened in Australia. Here's what's on the menu, from bioluminescent calamari to chocolate mousse.
▼ + stars: | 2023-08-03 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

A restaurant in Sydney, Australia is hosting an AI-generated pop-up restaurant for a week. Stefanie Wee used ChatGPT and Canva's AI-image generator to create the restaurant's concept. Rafi, a restaurant based in Sydney, Australia, is hosting an AI-generated pop-up restaurant named Luminary this week. Reviews for Luminary have been mixed, with one customer writing that the AI restaurant "restored my faith in humanity." This isn't the first time the dining industry has used AI — be it for a marketing ploy or to make business more efficient.

Persons: Stefanie Wee, it's, Rafi, Applejack, Luminary Wee, ChatGPT, Wee, Luminary Organizations: Morning, Applejack Hospitality Locations: Sydney, Australia, Perth, Luminary

☆ A Florida steakhouse is selling a plant-based steak for a whopping $69
▼ + stars: | 2023-08-02 | by ( Nancy Luna | ) www.businessinsider.com time to read: +5 min

A Florida steakhouse chain is joining the fray by selling a $69 plant-based steak by Chunk Foods. Charley's Steak House is billing itself as the first steakhouse chain in the US to add a plant-based steak to its menu. The plant-based steak is so good that some staffers were fooled during blind taste tests, company Executive Vice President Clark Woodsby told Insider. Last year, Beyond Meat's sales slumped as consumers turned away from plant-based meat substitutes. To date, restaurant diners have experienced plant-based foods at fast-food chains like KFC, Pizza Hut, McDonald's, and Chipotle.

Persons: mignon, Charley's, Clark Woodsby, Mignon, Woodsby, Seth Miller, Miller, Amos Golan, Golan Organizations: Chunk Foods, Service, Chunk, Town, Texas Cattle Company, Foods, Steak, Foods Chunk Locations: Florida, Wall, Silicon, Central Florida, FishBones, Texas, Charley's

Defossey and Luna opened the first Pinche Gringo restaurant in an airstream in 2013. The pair decided to name the restaurant Pinche Gringo, which means "Darn American," and pokes fun at the idea of them opening a BBQ restaurant in Mexico City. The Pinche Gringo BBQ warehouse is the biggest location and can hold up to 3,000 people. Being a Texas-style BBQ restaurant in Mexico City isn't the only thing that sets the Pinche Gringo brand apart. The group owns and operates seven restaurants, including sandwich shops, a bar, and the Pinche Gringo BBQ warehouse.

Persons: Dan Defossey, Defossey, Roberto Luna, Luna, Tasia Jensen, Beatriz Bajuelos Castillo Organizations: America Corps, Apple, Marketing, Latin America, Mexico City, CNBC, Defossey, Mexico City isn't, Grupo, Grupo Chilangogringo Locations: Long Island , New York, Texas, New York, Mexico City, Mexico, United States, Jamaica, agua horchata

☆ Gen Xer left a job at Apple to open a BBQ restaurant in Mexico City—it made $9 million in sales last year
▼ + stars: | 2023-07-15 | by ( Celia Fernandez Beatriz Bajuelos Castillo Tasia Jensen | Celia Fernandez | Beatriz Bajuelos Castillo | ) www.cnbc.com time to read: +4 min

Persons: Dan Defossey, Defossey, Roberto Luna, Luna, Tasia Jensen, Beatriz Bajuelos Castillo, DeFoseey, Groupo Organizations: America, Apple, Marketing, Latin America, Mexico City, CNBC, Defossey, Mexico City isn't Locations: Long Island , New York, Texas, New York, Mexico City, Mexico, United States, Jamaica, agua horchata

☆ How Thai food became so popular in the US — and how today’s chefs are going beyond pad thai
▼ + stars: | 2023-07-12 | by ( Harmeet Kaur | ) edition.cnn.com time to read: +11 min

CNN —When Anajak Thai opened in 1981, most people who walked into the Los Angeles restaurant weren’t familiar with Thai cuisine. Thai food became so popular among Americans that the Thai government took notice. Thai food in the US reaches new heightsToday, the Thai restaurant scene in the US is perhaps the most exciting that it’s ever been. And Thai American chefs like Pichetrungsi are continuing to defy stereotypes and misconceptions of what constitutes Thai food. He wants to show diners just how innovative Thai cuisine can be, but he’s hesitant to take familiar comforts like pad thai off the menu altogether.

Persons: Justin Pichetrungsi, Pichetrungsi’s, Rick Pichetrungsi, Anajak, ” Pichetrungsi, Pichetrungsi, he’s, It’s, Mark Padoongpatt, Padoongpatt, Marie Wilson, ” Padoongpatt, Justin, “, ”, Saipin Chutima, Bill, Isabella Vosmikova, Andy Ricker, Chiang, Leah Nash, Chiang Mai, Hong Thaimee, Rather, ” Thaimee, Leela Punyaratabandhu, Punyaratabandhu, mok, We’ve, James Beard, it's, Mariah Tauger Organizations: CNN, Sherman Oaks, Disney, University of Nevada, Thai, Food, Lotus, White, Washington Post, Pichetrungsi, Los Angeles Times Locations: Los Angeles, L.A, Thailand, Asia, Las Vegas, Thai America, United States, Angeles, Central Thailand, Thai, Siam, Northern Thailand, White American, Portland , Oregon, Chiang Mai, Bangkok, America, New, Chicago, Heart, Malaysian, California

☆ The strange history of Taco Tuesday
▼ + stars: | 2023-07-04 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Regional chain Taco John’s owns the “Taco Tuesday” trademark, and last week it responded to a lawsuit from Taco Bell that aims to cancel the trademark. The story begins in the 1980s, when a Taco John’s restaurant owner coined the term “Taco Twosday” to advertise a deal of 99 cents for two tacos on its slowest day of the week. Since then, Taco John’s has defended its use of the phrase and sent cease-and-desist letters to others trying to use it. “We also recognize that the unauthorized use [of Taco Tuesday] is prolific, and we do our best to communicate ownership.”It’s not only Taco Bell that wants to eliminate the trademark. “This is not going to be something where Taco Bell is going to be able to declare victory anytime soon,” he said.

Persons: Taco, ”, Taco John’s, we’ve, Billie Jo Waara, “, ” It’s, Taco Bell, ’, Gregory, Josh Gerben, John’s, Gerben Organizations: New, New York CNN, “ Taco, Taco John’s, Taco, Gregory Hotel, Taco Bell, “, CNN Locations: New York, Taco Bell, Wyoming, California, New Jersey, —

NEW YORK/LONDON, June 30 (Reuters) - A lackluster IPO market is showing signs of life as a flurry of deals in the United States and Europe raise hopes that a recovery may be in sight. With investors now predicting an end to the Federal Reserve's rate hikes later this year, optimism has resumed. This allowed thrift shop chain Savers Value Village (SVV.N) to raise $401 million in its New York IPO this week, more than it originally set out to. Investors continued to snap up its shares, with the stock closing up 27% on its first day of trading. EUROPE IPOS ON THE WAYIn Europe, three IPOs are on track to be completed by early July, but two of them have already had to moderate their valuation expectations.

Persons: Aloke Gupte, Tom Swerling, Paul Abrahimzadeh, Hidroelectrica, Fondul, WE Soda, Ferretti, Coty, Andrew Briscoe, David DiPietro, Rowe Price, Echo Wang, Pablo Mayo, Elisa Martinuzzi, Mark Potter Organizations: Investors, JPMorgan Chase &, CAB, Kodiak Gas Services, Fidelis Insurance Holdings, Barclays, North America, Citigroup, U.S, Heineken, General, GE Healthcare Technologies, Bank of, Pablo Mayo Cerquiero, Thomson Locations: United States, Europe, Ukraine, New York, London, Africa, Asia, Kodiak, Fidelis, Cava, EUROPE, Romanian, Hong Kong, Milan, East

☆ Mixed results in the latest batch of IPOs, but the market is opening up
▼ + stars: | 2023-06-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Kodiak Gas Services (KGS) , a natural gas compression company, priced 16 million shares at $16, below the price talk of $19-$22. That was not only below the price talk of $16-$19, but the 15 million shares offered were below the projections of 17 million shares. The IPO market is reopening, but cautiously All three serve different investor bases, each with its own outlook, Santosh Rao at Manhattan Venture Partners told me. The simple fact that all three deals got done is a sign the IPO market is reopening after being largely closed for 18 months. The IPO market is reopening, but with a strong reality check from the customers.

Persons: It's, Santosh Rao, Fidelis, Sellers, IPOs What's Organizations: NYSE, Kodiak Gas Services, Fidelis Insurance, Manhattan Venture Partners, Labor, Foods, ARM Locations: U.S

☆ Small-cap IPO listings could encourage larger companies to come to market, says Axios' Dan Primack
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmall-cap IPO listings could encourage larger companies to come to market, says Axios' Dan PrimackDan Primack, business editor at Axios, and CNBC's Bob Pisani, join 'The Exchange' to discuss Gen Restaurant Group delaying its IPO release, demand for IPOs, and nine companies set to list IPOs this week.

Persons: Axios, Dan Primack Dan Primack, Bob Pisani Organizations: Group

☆ It’s a War-Themed Restaurant, but There Is No Need to Pretend
▼ + stars: | 2023-06-23 | by ( Patricia Cohen | ) www.nytimes.com time to read: +1 min

Sievda Kerimova had recently arrived in Lviv from Kyiv for a happier reason. She had come to meet her husband, a 26-year-old military officer who had 10 days off. Kryivka is one of several themed restaurants and gift shops operated by !FEST, a Ukrainian restaurant group. Upstairs is another one, The Most Expensive Galician Restaurant, decorated as a masonic clubhouse. Around the corner is the Lviv Coffee Mine, an enormous underground coffee house and shop where patrons can wear a miner’s helmet and dig for coffee beans and sip lattes.

Persons: Sievda Kerimova, Kerimova, Vladimir V, Putin Organizations: ! FEST, Ukrainian Insurgent Army Locations: Lviv, Kyiv, Russia, Ukrainian, Kryivka, Ukraine

☆ Restaurants like Panera and Fogo de Chao joining CAVA with upcoming IPO offerings
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRestaurants like Panera and Fogo de Chao joining CAVA with upcoming IPO offeringsCNBC's Kate Rogers and Bob Pisani join 'The Exchange' to discuss what is next for the IPO market, expectations for Gen restaurant groups upcoming IPO filing, and the state of the IPO market in general.

Persons: Chao, CAVA, Kate Rogers, Bob Pisani Locations: Fogo

☆ Mediterranean restaurant chain Cava is going public. More restaurants could follow its lead
▼ + stars: | 2023-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

As Cava prepares to make its public market debut Thursday, other restaurant companies will be watching closely while they decide whether to follow in the Mediterranean restaurant chain's footsteps. The last 18 months have marked the slowest initial public offering market since the financial crisis. Cava's IPO could help break that drought, as a handful of restaurants watch to see how the chain fares as they mull whether to jump into the public market themselves. "A successful IPO from Cava should open the door to more restaurant IPOs," said Matt Kennedy, senior strategist at Renaissance Capital. That bodes well for the restaurant companies waiting in the wings to go public.

Persons: Cava, Matt Kennedy, Kennedy, Kevin McCarthy, Neuberger Berman Organizations: U.S, Renaissance, Cava, New York Stock Exchange, CNBC, Group, Brands Locations: Ukraine, U.S, Cava, Chão

☆ Mediterranean restaurant chain Cava stock soars as much as 107% in market debut
▼ + stars: | 2023-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange (NYSE) as the company goes public on June 15, 2023 in New York City. The stock trades on the New York Stock Exchange under the ticker symbol "CAVA." The company sold 14.4 million shares, raising nearly $318 million and initially valuing the restaurant chain at roughly $2.45 billion. Shares of Mediterranean restaurant chain Cava soared as much as 107% in its market debut Thursday morning before giving up some of those gains. Sector leader Chipotle made its public market debut back in 2006 and has seen its market value grow to $56.9 billion.

Persons: Zoes, It's, Brett Schulman, Chipotle Organizations: New York Stock Exchange, Group, Brands Locations: Cava, New York City, Chao

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