The Quebec-based St-Hubert restaurant business has agreed to be acquired by the owner of the Swiss Chalet chain for $537 million.
In addition to 117 restaurants, Cara Operations Ltd. will acquire two food manufacturing plants, two distribution centres and a real estate portfolio.
Cara says St-Hubert will fit strategically with its business, which includes numerous restaurant brands including Swiss Chalet, Harvey’s and Milestones.
The Toronto-area company, based in Vaughan, says it has a limited retail presence in Quebec and will use St-Hubert’s head office in Laval as its Quebec base.
Cara also sees St-Hubert’s food manufacturing business — which makes two-thirds of its sales through external customers such as Sobeys, Loblaw, Costco and Metro — as a major growth opportunity.
St-Hubert has more than 10,000 employees, the company said. It was founded in Montreal in 1951.
Cara currently has 1,010 franchised and corporate restaurants, including 37 located internationally.
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