Cava goes public: How the Mediterranean chain became a $3 billion sensation
Noah Miller
Cava, a fast-casual restaurant chain that serves customizable bowls and salads, made a stunning debut on the New York Stock Exchange on Thursday, raising $318 million and valuing the company at over $3 billion.
The company, which was founded in 2006 by three childhood friends of Greek descent, has grown from a single restaurant in Washington, D.C. to a national brand with over 130 locations across 15 states.
Cava's success is driven by its focus on fresh ingredients, Mediterranean flavors, and customer choice. The chain offers a variety of bases, proteins, dips, toppings, and dressings that customers can mix and match to create their own meals. Cava also sells its dips and spreads in grocery stores, expanding its reach and revenue.
Cava's IPO was one of the 10 largest of the year, and its shares soared as much as 117% on the first day of trading, closing at $42.50. The company plans to use the proceeds to open more restaurants, invest in technology, and support its employees.
Cava's co-founder and CEO Brett Schulman said he was proud of the company's journey and its mission to make healthy food accessible and affordable.
"We started Cava with a simple vision: to share the vibrant flavors and hospitality of our heritage with as many people as possible," he said in a statement. "Today marks an important milestone in that journey, but we are just getting started."
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