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Recipe Unlimited closes deal to go private with Fairfax Financial Holdings

TORONTO — Recipe Unlimited Corp., the company behind Swiss Chalet, Harvey’s, the Keg and other well-known restaurant brands, is going private. The company says it has closed a deal that has it being taken private by Fairfax Financial Holdings Ltd.
Canadian Press
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Shareholders attend the Fairfax Financial Holdings annual general meeting in Toronto on Wednesday, April 9, 2014. Recipe Unlimited and Fairfax Holdings have completed their previously announced deal for Fairfax to take Recipe private.  THE CANADIAN PRESS/Nathan Denette

TORONTO — Recipe Unlimited Corp., the company behind Swiss Chalet, Harvey’s, the Keg and other well-known restaurant brands, is going private.

The company says it has closed a deal that has it being taken private by Fairfax Financial Holdings Ltd., which was already the controlling shareholder of Recipe Unlimited. 

The deal for $20.73 per share in cash, first announced in August, puts the value of Recipe Unlimited at around $1.2 billion. 

A press release Friday says shares in Recipe Unlimited are expected to be delisted from the Toronto Stock Exchange at the close of trading on or around Nov. 1. 

When the deal was signed earlier this fall, Stephen Gunn, who chaired the committee reviewing the proposal, said it would provide the company with extra flexibility. 

Recipe Unlimited's brands also include St-Hubert, Montana's, Kelseys, East Side Mario's, New York Fries, Bier Markt and others.

This report by The Canadian Press was first published Oct. 28, 2022.

Companies in this story: (TSX:RECP, TSX:FFH)

The Canadian Press