Cava Group has reached an agreement to acquire Zoës Kitchen, a fast-casual restaurant concept with 261 restaurants. Helping provide financing for the deal will be Act III Holdings, an investment organization led by Ron Shaich, founder, chairman, and former CEO of Panera Bread, and funds advised by The Invus Group with participation from existing investors SWaN & Legend Venture Partners and Revolution Growth, per a release announcing the transaction. Once the deal is complete, Zoës Kitchen will become privately held.
After closing, Brett Schulman, CAVA’s CEO, will serve in the same capacity for the combined company. The existing leadership teams at Zoës Kitchen and CAVA are expected to remain in place. In addition, Shaich will serve as chairman of the combined company.
Once the deal is complete, the combined company will have 327 locations system wide. Both Cava and Zoës Kitchen feature Mediterranean-themed menus.