CARA OPERATIONS AND WAYNE HOLM TO ACQUIRE MILESTONE'S
By Adnews Staff
Cara Operations Ltd. of Mississauga and Wayne Holm, president and chief operating officer of The Spectra Group of Great Restaurants are acquiring Vancouver-based Spectra's Milestone's restaurant business for $34.4 million in cash and stock. Under the terms of the agreement, Cara will surrender the 6.64 million shares of Spectra it currently holds and make a cash payment of $15 million. Milestone's Restaurants Inc. is the new company which will operate the Milestone's chain. It will be owned by Cara, which will hold 74% of the firm, and Holm, who will hold the remaining 26%. Holm will take the position of president. Milestone's is a casual restaurant chain with 15 locations in British Columbia, four in Toronto and one in Kirkland, WA.