TORONTO — Fairfax Financial Holdings Ltd. has signed a definitive agreement to take Recipe Unlimited Corp., the company behind Swiss Chalet, Harvey's, St-Hubert and the Keg, private.

The deal for $20.73 per share in cash values Recipe Unlimited at about $1.2 billion.

Fairfax, which first announced its offer in August, is already the controlling shareholder of the company.

Stephen Gunn, the chair of Recipe Unlimited's special committee reviewing the proposal, says it offers an attractive premium and immediate liquidity to shareholders while providing the company with additional flexibility to operate as a private company.

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

The deal is subject to shareholder and court approvals as well as certain other customary closing conditions. It is expected to close in the last quarter of this year.

This report by The Canadian Press was first published Sept. 1, 2022.

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

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