Act III Holdings Joins Investors in Celebrating CAVA's NYSE IPO
On June 15, 2023, CAVA Group Inc. ("Cava") (NYSE: CAVA), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, began trading on NYSE, having priced its initial public offering of 14,444,444 shares at $22.00 per share.
Act III Holdings, LLC ("Act III"), led by Ron Shaich, recognized long ago the power and draw of the Mediterranean category and the tremendous potential for the Cava brand to dominate that niche in the market. Act III has been a proud, long-term investor in the Cava vision. In 2018, Act III architected and led Cava's successful acquisition of Zoe's Kitchen, a publicly-traded Mediterranean restaurant company three times Cava's size, to "hyper-phase" Cava's growth and allow the brand to quickly reach national scale. Act III also offered dedicated, strategic support to CEO Brett Schulman to help ensure that Cava had the organization, capabilities, and discipline necessary to sustain success as an ever-larger enterprise well into the future.
Act III Holdings remains Cava's largest non-institutional shareholder following the public offering. Act III's Chief Executive Officer Ron Shaich also serves as Chair of Cava's Board of Directors.
"Our warmest congratulations go out to Brett Schulman, his leadership team, the Cava founders, our fellow investors, and the Cava Board members, all of whose passion and expertise built this company into what it is today," said Shaich. "Together, we are ensuring that Cava fulfills its destiny as an industry gamechanger."
He continued: "I cannot express the deep honor and responsibility our teams feel knowing that so many respected institutional and individual investors put their confidence in Cava's journey. With their support in this new chapter, Cava has never been better-positioned to live up to its potential as a category-defining brand, both now and into the future."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Act III Holdings
Act III Holdings is an evergreen investment vehicle formed by Ron Shaich, founder and former Chairman and Chief Executive Officer of Panera Bread, to build tomorrow's market-leading restaurant and entertainment companies. Act III invests in emerging restaurant and entertainment categories and helps build companies which will become the dominant brand in the niches they create and define. Portfolio investments benefit from the industry specific insights and capabilities of Act III and its partners. Existing portfolio investments include Cava, Tatte Bakery, Life Alive Organic Café, Level99, and BJ's Restaurants. For more information, visit www.act3holdings.com.
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