Cara Completes C$93M Acquisition of Majority Interest in Original Joe’s
November 27, 2016
93.00 Million CAD
On November 27, 2016, Cara Operations Limited Canada’s oldest and largest full-service restaurant company, completed its acquisition of a majority ownership interest in Original Joe’s Franchise Group Inc. for $93 million.
Original Joe’s franchises and operates 99 full-service restaurants in Canada and the United States across three brands: Original Joe’s Restaurant & Bar, State & Main Kitchen Bar and Elephant & Castle Pub and Restaurant. $90.0 million of Cara’s $93.0 million subscription price was used by Original Joe’s to re-acquire its trade-marks and royalty rights from Diversified Royalty Corp. pursuant to an acquisition agreement that closed concurrently with Cara’s investment in Original Joe’s.
DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America.
McCarthy Tétrault LLP represented Original Joe’s with a team consisting of Cameron Belsher, Robin Mahood, Pavan Jawanda, Jerry Nguyen and Ainslie Hurd (corporate) and TJ Kang (tax).