Toronto, Ontario-based Cara Operations Ltd has successfully completed the previously announced sale of the business carried on by Cara’s Health Services Division to Compass Group Canada.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The total proceeds of the transaction to Cara are approximately C$30m (US$m), and under the terms of the deal, Compass Group also agreed to enter into a food service distribution agreement with Cara’s distribution subsidiary, Summit Food Service Distributors (SFSD). SFSD will supply the Compass health services accounts in Canada, and Compass Group will also continue to have the opportunity to licence Cara’s brands in health services accounts, including Harvey’s, Swiss Chalet and Second Cup.
Gabe Tsampalieros, Cara’s president and CEO, commented: “With the sale of our Healthcare Services Division, and our recent acquisition of the remaining outstanding shares of the Second Cup completed, together with our recently announced intention to acquire a controlling interest in the popular Milestone’s restaurant concept, Cara is now (well positioned) to dedicate our human and financial resources on the accelerated growth of our core brands.”
