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

Date Closed

November 27, 2016

Lead Office



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).