VAUGHAN, Ont. — Cara Operations Limited has entered into a purchase agreement to acquire a 100-per-cent interest in the Pickle Barrel Group of Restaurants. The transaction is anticipated to close by the end of the year.
Cara is acquiring Pickle Barrel for cash consideration, which will be funded through Cara’s existing credit facility. The addition of Pickle Barrel helps expand Cara’s portfolio of restaurants further into shopping centres where — aside from New York Fries — Cara’s brands have limited presence. Pickle Barrel’s successful catering business also adds a new sales channel for Cara. Catering will be added to Cara’s existing quick-service, full-service, dine-in, off-premise and retail-grocery food offerings.
“We view our investment in Pickle Barrel as an opportunity to partner with a proven management team who has a strong track record of operating profitable restaurants and catering businesses under both the Pickle Barrel and Rose Reisman brands,” says Bill Gregson, CEO, Cara. “This acquisition is accretive for our shareholders.”
Current president Peter Higley will join Cara’s executive leadership team and will continue to lead and operate the Pickle Barrel Group. Pickle Barrel’s head office and operations-team office will be relocated to Cara’s existing head office in Vaughan and its business and back-end processes will be integrated into Cara’s over the course of the next 12 months.
