Cara Completes Merger with The Keg
VAUGHAN, Ont. â€” Cara Operations Limited and Keg Restaurants Ltd. (KRL) have announced the successful completion of their previously announced merger agreement.
With this merger, David Aisenstat continues as the president and CEO of KRL and assumes oversight of Caraâ€™s higher-end casual brands â€” namely Bier Markt, the Landing Group of restaurants and Milestones restaurants. This will enable Cara to introduce into these brands the key success factors experienced by The Keg. Bill Gregson remains as CEO of Cara, as well as chairman of the Cara board of directors. Aisenstat will join the board as vice-chairman.
As previously announced, Cara intends to change its corporate name to reflect its new business composition that has evolved since 2013, with the growth from five to 16 brands over the same period.
The Keg will continue to operate as it has previously under Aisenstat, without any change in managementâ€™s focus on sales, growing The Keg restaurants and corresponding royalties to the fund. The fund remains in its current form and will continue to receive royalties from The Keg restaurants operated by KRL.