Swiss Chalet Now Owns The Keg
The owner of Swiss Chalet, Harvey’s and Kelseys is buying The Keg — as in the entire restaurant chain — for an estimated $200 million in cash and stocks.
Surprised? You shouldn’t be.
Cara Operations Ltd. has been on an aggressive tear of acquisitions in recent years, scooping up The Bier Markt chain, Casey’s and East Side Mario’s in 2013, followed by New York Fries a few years later, and then Montreal’s St. Hubert chicken chain in 2016.
The company announced on Tuesday that it had signed an agreement to acquire the popular, B.C.-headquartered steakhouse chain Keg Restaurants Ltd., 51 per cent of which was already owned by Toronto’s Fairfax Financial holding company.
This purchase will bring the conglomerate’s portfolio of major Canadian restaurant brands up to 13 (in addition to its airport services division at Pearson and Vancouver International Airports.)
Keg CEO David Aisenstat will reportedly join Cara’s executive team and assume oversight of its “higher end brands,” such as the Landing Group, Bier Markt and Milestones restaurants.
Cara, which is headquartered in Vaughan, said that it intends to change its corporate name once the deal closes.