Recipe (TSX:RECP, Financial). Known formerly as Cara, Recipe has a network of 1,370 restaurants with total system sales in 2018 of approximately Cdn$3.5 billion and EBITDA of Cdn$220 million. Over the last five years Recipe has grown system sales by 26% annually and EBITDA by 46% annually. Recipe has a broad range of well known brands including Swiss Chalet, Kelseys, Harvey’s, The Keg and St-Hubert, to name a few. We have invested Cdn$348 million into Recipe and the current market value is Cdn$732 million. The company continues to extend its brands outside restaurants to include grocery sales. Frank Hennessey is now overseeing the company as CEO and Bill Gregson has moved to Executive Chairman.
From Prem Watsa (Trades, Portfolio)'s fourth-quarter 2018 Fairfax Financial shareholder letter.
