Cara Operations to buy Keg Restaurants
Restaurant companies Cara Operations of Vaughn, ON and Keg Restaurants of Vancouver have reached an agreement to merge their companies. Cara will undertake a rebranding initiative, including a change of name, when the transaction closes. Cara will pay $200 million in cash and shares to acquire Keg Restaurants.
Keg Restaurants CEO David Aisenstat will assume oversight of Cara brands including The Bier Markt, the Landing Group and Milestones in addition to remaining in his current position. He will also become vice-chairman of Cara's board of directors. Bill Gregson will remain president and CEO of Cara as well as chairman of its board.