Fast-Casual Restaurant Chain Cava Soars Past IPO Target Price In First Day Of Trading by chloesorvino
editerranean restaurant chain Cava surged to a market value of $4 billion after a highly anticipated initial public offering on Thursday.
“There was significant demand from all types of investors — because they see the rare opportunity to have a category-defining brand,” Schulman said.and nearly doubled to $42 per share by 1 p.m. New York time. It all came together when Schulman, a former investment banker who had also been chief operating officer of a nationally distributed snack brand, joined as the CEO and fourth cofounder in 2010. The first location opened in Bethesda, Maryland in 2011. From there, the Washington, D.C.-based Cava quickly became one of the fastest-growing restaurant chains in the U.S., opening a dozen or so locations a year. In 2018, Cava acquired failing chain Zoe’s Kitchen for $300 million.
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