The Ledger
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Cava limited investment bankers to 9% of its IPO share distribution.
“Essentially we only allowed the investment banker, nine percent of the shares in distribution, which essentially went to their clients and the hedge funds. We protected 91% of it, of that distribution so that it ended up in the right hands.”
Cava is arguably the most successful food service IPO in five years.
“You have Kava, which has been the most successful food service IPO of the last five years, arguably. Now a company worth seven billion dollars was worth as much as fifteen billion, but it's up three, fourfold from its IPO a year and a half ago.”
Panera generated a 25% IRR over two decades, outperforming Berkshire Hathaway.
“Panera was the best performing restaurant stock over two decades. Its last two decades produced 25% IRR In fact, somebody told me we actually beat Warren Buffett and Berkshire Hathaway.”
Ron Shaich was one of the original co-founders of No Labels.
“I was one of the eight or nine people that co-founded a group called No Labels here in the United States, which is meant to reduce the hyper-partisanship in D.C., the polarization, and focus us on long-term thinking.”
JAB acquired Panera Bread for $7.8 billion in a historic deal.
“And they paid for it, and what, at that time, was the largest or second largest U.S. Restaurant deal ever done. 7.8 billion dollars, and among the highest multiples.”
Cava market capitalization is four to five times higher than Sweetgreen.
“Today I would gather that Kava is going to mark a cap five times what Sweet Greens is worth, something in that order, four or five times.”
Tatte generates $250 million in annual revenue across just 50 locations.
“We're also in a company called Tate, which is in, Boston and D.C. And now the New York market. It's 50 restaurants doing about five million dollars a year and two hundred fifty million.”
The fast casual restaurant sector is a $350 billion industry today.
“That became the ideology that fuels what's called fast casual today, which is a three hundred and fifty billion dollar business.”