Owner of Swiss Chalet Buys The KEG Steakhouse for $200 Million
In restaurant retail news, the owner of some of the biggest food chains in Canada is about to get bigger. The organization Cara Operations who currently operates Swiss Chalet, Harvey’s, St-Hubert, Milestones, Montana’s, Kelsey’s and a bevvy of other notable restaurants has just struck a deal to buy Keg Restaurants LTD for $200 Million.
The CBC is reporting that Cara Operations announced the deal on Tuesday and will see the Ontario -based Cara take over The Keg chain of 106 steakhouses in North America. Cara has been a red-hot commodity in the casual dining arena as the brand saw sales in excess of $2 billion.
Cara Operations has decided to leave The Keg’s CEO, David Aisenstat in charge of the keg as well as take control over Cara’s other higher-end restaurant brands.
The two companies have stated that the deal will become official by the end of March.