Cara enters into strategic financial partnership with Fairfax and acquires Prime Restaurants
October 31, 2013
On October 31, 2013, Cara Operations Limited closed a strategic financing transaction with Fairfax Financial Holdings Limited and acquired Prime Restaurants Inc. from Fairfax .
With a strategic financial partner like Fairfax and the addition of Prime's casual dining restaurant brands and premium Irish pubs, including East Side Mario's, Casey's and Prime Pubs (Fionn MacCool's, D'Arcy McGee's, Paddy Flaherty's, Tir nan Óg) and Belgian-style brasseries operating as the Bier Markt, Cara has solidified its position as Canada's largest full service restaurant company with iconic brands that deliver unique dining experiences for Canadians coast to coast. This combined family of restaurants significantly increases Cara's scale, strengthens its market position and provides opportunities for growth and acquisitions. Also, sharing best practices with Prime bolsters Cara's ability to deliver the perfect guest experience to all guests.
Cara, headquartered in Vaughan, Ontario, is a full service restaurant organization.
Fairfax, headquartered in Toronto, Ontario, is a financial holding company.
Prime Restaurants, headquartered in Mississauga, Ontario is a franchisor of several restaurant chains.
McCarthy Tétrault LLP represented the Phelan family (controlling shareholder of Cara) with a team led by David Woollcombe and including David Badour, and Gabrielle Richards.