Cara expects the transaction, which will be paid in cash through an existing credit facility, to close by the end of 2017.
“We view our investment in Pickle Barrel as an opportunity to partner with a proven management team who has a strong track record of operating profitable restaurants and catering businesses under both the Pickle Barrel and Rose Reisman brands,” said Cara CEO Bill Gregson. “This acquisition is accretive for our shareholders.”
Pickle Barrel generates approximately $50 million in annual sales through 11 Pickle Barrel restaurants and one Glow Fresh Grill & Wine Bar. The company also has a catering business through Pickle Barrel in addition to a 50 percent interest in Rose Reisman Catering, which is a menu development, catering and individual meal delivery business focused on health and wellness. Pickle Barrel’s catering business has been operating since 1971, and has catered more than 1.2 million events.
“We’re extremely excited to be joining Cara — its behind the scenes support will allow us to focus on strengthening our already successful restaurant and catering businesses, scaling them even faster in the years ahead,” said Peter Higley, president of Pickle Barrel. Higley will join Cara’s executive leadership team and will continue to lead and operate the Pickle Barrel Group within Cara.
Cara believes the Pickle Barrel acquisition will expand the company’s portfolio of restaurants further into shopping centers where Cara’s brands have limited market share. Meanwhile, the catering business gives Cara a new sales channel. Catering will be added to Cara’s existing quick-service, full-service, dine-in, off-premise and retail-grocery food offerings.