Cara Operations Limited Completes Purchase of Magnafoods Incorporated.TORONTO--(BUSINESS WIRE)--Sept. 13, 1996--CARA OPERATIONS LIMITE (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: CAO CAO Cao Cao or Ts'ao Ts'ao (born AD 155, Boxian, China—died 220, Luoyang) Chinese general who, at the end of the Han dynasty, assumed imperial prerogatives. .A) Cara Operations Cara Operations Limited is a Canadian company that provides catering services to airlines and operates several restaurant and coffee shop chains including: Harvey's, Swiss Chalet, Kelsey's , Milestones and Montana's. The company is based across from Lester B. Limited announced today the completion of the purchase of Magnafoods Incorporated, an Ottawa based foodservice distributor A foodservice distributor is a company that provides food and non-food products to restaurants, cafeterias, industrial caterers, and hospitals and nursing homes. A foodservice distributor functions as an intermediary between food manufacturers and the foodservice operator , by Cara's wholly-owned subsidiary, Summit Food Service Distributors Inc. Jack Battersby, President of Summit Food Service Distributors reports "The acquisition of Magnafoods will enhance Summit's position as the major foodservice distributor in the Ottawa-Carleton region. In acquiring Magnafoods' state of the art Ottawa distribution centre as part of this transaction, we will be in a position to significantly grow our business, and add to our ability to serve our present clients and new clients in the Ottawa-Carleton region, as well as expand our services into other areas of Ontario and Quebec." Mr. Gabriel (Gabe) Tsampalieros noted "We anticipate that with the additional warehouse capacity, and by continuing to provide exceptional service to current Magnafoods customers, Summit's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales should increase by almost 50% to approximately $220 Million. This acquisition by Summit is fully consistent with Cara's mandate of aggressive growth of its core businesses." Summit Food Service Distributors is a full-line food service wholesale distribution company serving a broad cross-section of institutional, hospitality and restaurant clients throughout Ontario and into Quebec from facilities in London, Fingal and Ottawa. Cara Operations Limited is traded on the Toronto and Montreal Stock Exchanges Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) (CAO and CAO.A). In addition to Summit Food Service Distributors, Cara's core businesses are the Swiss Chalet
Swiss Chalet is a chain of Canadian family restaurants originally founded in 1954 in Toronto, Ontario. chain of more than 140 family-style restaurants featuring rotisserie chicken and barbecued ribs; the Harvey's chain of 300 quick-service restaurants featuring charbroiled hamburgers; the Airport Services Division which provides catering and ancillary services to more than 50 airlines from 11 flight kitchens across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. , as well as operating restaurants, gift stores and newsstands at major Canadian airports and transportation terminals; and Beaver Foods Limited, the largest Canadian-owned contract caterer, operating food service facilities at over 1,000 corporate, government, educational and healthcare facilities, and resource camps and events across Canada. In addition, Cara is the largest shareholder of The Second Cup Limited, Canada's leader in the specialty coffee retail market. CONTACT: Cara Operations Limited Mr. Gabriel (Gabe) Tsampalieros, 416/969-2534 or Summit Food Service Distributors Inc. Mr. Jack Battersby, 519/453-3410 |
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