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Fairfax completes acquisition of Recipe Unlimited

Date Closed

October 28, 2022

Lead Office



1.20 Billion CAD

On October 28, 2022, Recipe Unlimited Corporation ("Recipe Unlimited") closed the previously announced plan of arrangement pursuant to which Fairfax Financial Holdings Limited ("Fairfax"), through its subsidiary 1000297337 Ontario Inc., acquired all of the multiple voting shares and subordinate voting shares (the "Shares") in the capital of Recipe Unlimited, not including those owned by Fairfax and its affiliates, as well as the 9,398,729 multiple voting shares owned by Cara Holdings Limited ("CHL"). The Shares were acquired at a purchase price of $20.73 in cash per Share and were subsequently de-listed from the Toronto Stock Exchange as a part of the going private transaction.

CHL, based in Toronto, Ontario, is the private holding company of the Phelan family, the founders of Recipe Unlimited.

Recipe Unlimited, based in Vaughan, Ontario, is Canada's largest full-services restaurant company which franchises and operates a large number of brands.

Fairfax, based in Toronto, Ontario, is a holding company whose corporate objective is to build long term shareholder value by achieving a high rate of compound growth in book value per share over the long term.

McCarthy Tétrault advised Cara Holdings Limited with a team led by David Woollcombe that included David Badour (Business), Gabrielle Richards, and Kabir Jamal (Tax).