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Recipe Unlimited to be acquired by Fairfax for CAD 20.73 per share

Date Announced

September 01, 2022

Lead Office

Toronto

On September 19, 2022, Recipe Unlimited Corporation ("Recipe Unlimited") announced it has entered into an arrangement with 1000297337 Ontario Inc. ("Ontario Inc."), a newly-formed subsidiary of by Fairfax Financial Holdings Limited ("Fairfax"). Ontario Inc, will acquire all the multiple voting shares ("MVS") and subordinate voting shares, other than those owned by Fairfax and its affiliates, and 9,398,729 MSV owned by Cara Holdings Limited ("CHL"), at a purchase price of C$20.73 per Share, payable in cash.

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 franchies 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).

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