CAVA Announces Launch of Initial Public Offering

WASHINGTON--(BUSINESS WIRE)--CAVA Group, Inc. (“CAVA”), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced the launch of its initial public offering of 14,444,444 shares of its common stock pursuant to a registration statement filed with the Securities and Exchange Commission (the “SEC”). CAVA expects to grant the underwriters in the offering a 30-day option to purchase up to an additional 2,166,666 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The estimated initial public offering price is between $17.00 and $19.00 per share. CAVA has applied to list its shares on the New York Stock Exchange under the symbol “CAVA”.

CAVA intends to use the net proceeds from the offering to fund future new restaurant openings, with any remaining proceeds for general corporate purposes, which may include the repayment of its delayed draw term loans used to finance construction and capital expenditures in respect of its new production facility in Verona, Virginia.

J.P. Morgan and Jefferies are acting as joint lead book-running managers of the offering, and J.P. Morgan, Jefferies, and Citigroup are acting as representatives of the underwriters for the proposed offering. Citigroup and Morgan Stanley are acting as joint bookrunners for the proposed offering. Piper Sandler, Baird, Stifel, and William Blair are also acting as joint bookrunners for the proposed offering. Capital One Securities, Blaylock Van, LLC, and Drexel Hamilton are acting as co-managers for the proposed offering.

A registration statement on Form S-1 relating to the proposed offering has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering can be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at [phone], or by email at [e-mail]; Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at [phone], or by email at [e-mail]; or Citigroup Global Markets Inc., Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, or by telephone at 800-831-9146.

Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include any statements regarding the commencement of trading of CAVA’s common stock on the New York Stock Exchange. These forward-looking statements, including statements regarding the size and expected price range of the initial public offering, are subject to a number of risks, uncertainties and assumptions, including those described under “Risk Factors” under CAVA’s registration statement relating to the offering. Except as required by law, CAVA has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

About CAVA

CAVA is the category-defining Mediterranean fast-casual restaurant brand, bringing together healthful food and bold, satisfying flavors at scale. Rooted in our rich Mediterranean heritage, we bring a timeless approach to modern wellness through our authentic cuisine and vibrant brand experience. Guided by our mission, we believe food is a unifier for a more diverse and inclusive world for our guests, team members, and our grower and rancher partners, where all are welcome at our table. We believe that consumers should not have to choose between taste and health – our innovative cuisine appeals to a wide variety of preferences, satisfying the modern consumer’s desires for flavorful, craveable, and nutritious food without compromise.