RECIPE Unlimited completes going private transaction
Torys acted as counsel to Fairfax with a team that included David Chaikof, Janan Paskaran, Thomas Yeo, Daniel Masliyah, Brian Kim, Jon McDonald and Victoria Sung-Lechner (corporate/M&A), Jennifer Lennon and Tom Stevenson (employment) and Tom Zverina (lending), John Tobin, David Mattingly, Benjamin Mann, Chris Saki and Michelle Lu (tax).
On September 1, 2022, RECIPE Unlimited Corporation ("RECIPE") announced that it entered into an arrangement agreement with 1000297337 Ontario Inc. (the "Purchaser"), a newly-formed subsidiary of Fairfax Financial Holdings Limited ("FFHL").
Under the terms of arrangement agreement, effected by way of a court-approved plan of arrangement, the Purchaser would acquire all of the multiple voting shares and subordinate voting shares in the capital of RECIPE, other than those owned by FFHL and its affiliates (collectively, "Fairfax") and 9,398,729 multiple voting shares owned by Cara Holdings Limited ("CHL", and together with Fairfax, the "Buying Group"), at a purchase price of C$20.73 per share, an implied value of RECIPE of approximately C$1.2 billion, payable in cash.
Successful closing of the transaction was announced on October 28, 2022.
Further information can be found on Canada Newswire’s website.
RECIPE Unlimited is Canada's largest full-service restaurant company. It franchises and/or operates some of the most recognized brands in the country including Swiss Chalet, Harvey's, St-Hubert, The Keg, Montana's, Kelseys, East Side Mario's, New York Fries, Bier Markt, The Landing Group of Restaurants, Original Joe's, State & Main, Elephant & Castle, The Burger's Priest, The Pickle Barrel, Marigolds & Onions, Blanco Cantina, Añejo, Fresh and Ultimate Kitchens.
Fairfax Financial Holdings Limited is a holding company whose corporate objective is to build long term shareholder value by achieving a high rate of compound growth in book value per share over the long term.