Cara Completes C$93M Acquisition of Majority Interest in Original Joe’s

Date Closed

November 27, 2016

Lead Office

Vancouver

Value

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).

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