Cara Operations to Raise $200 million From IPO

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VAUGHAN, Ont. — Cara Operations Ltd. plans to raise $200 million from its IPO, announced in February, selling shares for $19 to $22. The company is valued between $1 billion to $1.1 billion.

Cara Operations Ltd. is the Vaughan, Ont.-based owner of 10 full-service restaurant brands, including Swiss Chalet, Harvey’s and Prime Pubs. In 2013, Fairfax Financial led a recapitalization by investing $100 million into the company and selling its interest in Prime Restaurants Inc. to Cara for approximately $69.6 million. After the IPO, Fairfax Financial is expected to retain as much as a 41-per-cent stake, while the Phelan shareholders will hold as much as 36 per cent.

Cara has applied for the ticker symbol CAO. The offering is expected to close April 20.

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