DC-based fast-casual restaurant chain CAVA has filed for an IPO.
DC-based fast-casual restaurant chain CAVA has filed for an IPO.
Cava Group Inc. has confidentially filed with the US Securities and Exchange Commission a draft registration for a proposed public offering of its common stock.
The filing did not include the number of shares that might be offered or a price change. No date for the IPO has been set yet.
Cava was founded in 2006 by three Maryland Native Americans – Dimitri Moshovitis, Ted Xenohristos and Ike Grigoropoulos. It also owns Zoës Kitchen, a restaurant chain, which it acquired for $300 million in 2018. It now has a total of 7,200 employees and more than 300 locations, including about 20 stores in the greater DC area.
DC-based Mediterranean restaurant chain CAVA will invest $30 million in a new processing and packaging facility in Virginia’s Shenandoah Valley near Staunton. (Courtesy of CAVA)
Cava raised $230 million in 2021, giving it a valuation of $1.71 billion, according to CNBC.
According to Nation’s Restaurant News, cava saw same-store sales grow 37% in 2021.
Cava moved its DC headquarters from Chinatown to City Ridge last year, the mixed-use, Wegmans-anchored redevelopment of the former Fannie Mae headquarters at 3900 Wisconsin Avenue in the northwest.
In addition to its restaurants, Cava also sells its hummus spreads, tzatziki sauces, and other products at thousands of grocery stores. Two years ago, the company invested $30 million in a new processing and packaging facility near Staunton, Virginia.
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