Carver Co-founder Sees Massive Success at IPO and Ambitious Plans for Expansion
- Carver’s IPO opened at 42 dollars, 91 percent above its initial price
- Carver co-founder and CEO Brad Shellman explains the success as due to the hard work of the team over 12 years and their vision to define the Mediterranean category
- Scaling a restaurant is difficult, so they focus on culture and mission, developing their teams and building infrastructure
- Cabo has a strong profit engine, generating 50 million in Q1 alone
- Growth plan is to have 1,000 locations in less than 10 years
- AI and automation may be used for predictive labor scheduling, ordering prep and multi-channel platform options
- Inflation is a factor when it comes to food products but Cabo aims to remain competitive with less than 5% increase in prices for remainder of year.
Cava Co-founder and CEO Sheds Light on Unique Business Model
- Cava Co-founder and CEO Brett Shulman discussed the company’s model of creating derivations based on the needs of each specific trade area
- CPG is only a small piece of the business, though Cava has the bandwidth to pursue it in the long term
- Carver’s go-to sides are still roasted red pepper hummus and crazy fat.