Cava files for IPO as leader of Mediterranean fast-casual restaurants
The D.C.-based Mediterranean chain restaurant Cava has officially filed for an initial public offering with the Securities and Exchange Commission.
Right now, there isn't a timeline for the offering, a purchase price or an amount of the stock. We do know that it will be traded on the New York Stock Exchange under the ticker symbol "CAVA."
The company, which was founded by three friends — Dimitri Moshovitis, Tex Xenohristos and Ike Grigoropoulos — opened its first Cava Mezze restaurant in 2006 in Rockville. The Maryland friends have since expanded the fast-casual format, Cava, to locations in California, Connecticut, Massachusetts, North Carolina, New Jersey, New York, and Texas.
Facade of Cava fast casual Mediterranian restaurant, Austin, Texas, March 11, 2023. (Photo by Smith Collection/Gado/Getty Images)
In a letter written by co-founder and CEO Brett Schulman, the company said it currently has 263 restaurants and should have 300 by the end of 2023.
"Cava serves guests across gender lines, age groups, and income levels and benefits from generational tailwinds created by consumer demand for healthy living and a demographic shift towards greater ethnic diversity," the filing reads. "We meet consumers’ desire to engage with convenient, authentic, purpose-driven brands that view food as a source of self-expression. The broad appeal of our food combined with these favorable industry trends drive our vast opportunity for continued growth."
In 2022, the filing showed Cava earned $564.1 million with $59 million in annual losses.