Conceptualized by three friends with Greek heritage, CAVA Group (CAVA) has evolved into a rapidly expanding chain of 263 fast-casual Mediterranean restaurants, capitalizing on consumer trends emphasizing convenient healthy food combined with distinctive cultural flavors. Its menu features an array of fresh ingredients that are customizable through its "walk-the-line" format. CAVA significantly expanded in size in 2018 through the acquisition of Mediterranean peer Zoes Kitchen; by the end of 2023, all of the Zoes locations will have either been converted into CAVAs or closed. CAVA already has twice as many restaurants as its closest Mediterranean competitor and believes it has potential for 1,000 US restaurants. Beyond expanding its footprint, the company is investing in new production facilities, catering-focused kitchens, and its own line of consumer packaged goods.
For five other things you need to know about CAVA ahead of its IPO, sign up for a free trial of IPO Pro.
