View source for The Keg

{{Short description|Canadian steakhouse restaurant chain}}

{{for|the ''That '70s Show'' episode|The Keg (That '70s Show episode)}}
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{{primary sources|date=June 2016}}
{{Peacock|date=March 2024}}
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{{Infobox company
| name = The Keg Steakhouse and Bar
| logo = The Keg logo.svg
| logo_size = 
| logo_upright = 0.7
| image = File:The Keg at Yonge and Eglinton in Toronto.jpg
| image_size = 250px
| image_caption = The Keg at [[Yonge and Eglinton]] in Toronto.
| type = [[Subsidiary]]
| predecessor = The Keg and Cleaver
| successor = The Keg
| foundation = {{start date and age|1971}}, in [[North Vancouver (city)|North Vancouver]], [[British Columbia]]
| founder = George Tidball
| location_city = [[Richmond, British Columbia|Richmond]], [[British Columbia]]
| location_country = Canada
| num_locations = 160
| num_locations_year = February 2018
| areas_served = Canada <br> United States
| key_people = David Aisenstat<br />(former owner, now senior [[Recipe Unlimited]] executive and [[Director (corporation)|Director]])
| industry = [[Restaurants]]
| products = [[Steak]], [[Ribs (food)|ribs]], [[Chicken (food)|chicken]], and [[seafood]]
| owner = 
| num_employees = 
| parent = [[Recipe Unlimited]]
| homepage = {{URL|https://thekeg.com/}}
}}

'''The Keg''' is a Canadian-owned chain of [[steakhouse]] [[Restaurant|restaurants]] and bars operating in both Canada and the United States. The first location, originally named "The Keg and Cleaver" restaurant, was founded in 1971 by George Tidball in [[North Vancouver (city)|North Vancouver]], [[British Columbia]]. By February 2018, The Keg had expanded to 160 locations in [[Canada]] and the [[United States]], when Canadian food industry giant Cara Operations (now known as [[Recipe Unlimited]]) purchased the chain for $200&nbsp;million from then- owners David Aisenstat (49%) and [[Fairfax Financial]] (51%). The chain is also known as The Keg Steakhouse + Bar.

==History==
[[File:TheKeg560KingStreetWest.jpg|left|thumb|The Keg on King Street West in [[Downtown Toronto]]'s [[Fashion District, Toronto|Fashion District]]]]

The company was founded in 1971 in [[North Vancouver (city)|North Vancouver]], [[British Columbia]] as ''The Keg 'n Cleaver'' by George Tidball at one small, downstairs location in a former industrial building in the Moodyville area of lower Lonsdale. Today it operates in nine [[Province|provinces]] (excluding only [[Prince Edward Island]]) and five American [[U.S. state|states]].<ref>[http://www.kegsteakhouse.com/en/franchise/overview/ The Keg, Franchise Information] {{webarchive|url=https://web.archive.org/web/20140409022535/http://www.kegsteakhouse.com/en/franchise/overview/ |date=2014-04-09}}</ref>

Several Keg locations operate in repurposed historic buildings. Examples of this are the [[Keg Mansion]] in [[Toronto]] and the Keg Manor at the [[Maplelawn]] Estate in [[Ottawa]]. The [[Downtown Winnipeg]] location opened in 1975 as The Keg and Cleaver in the former [[Hudson's Bay Company]] Garage on Garry Street, where it still operates today.<ref>{{Cite web |date=May 2018 |title=115 Garry Street - Hudson's Bay Company Garage |url=https://legacy.winnipeg.ca/ppd/Documents/Heritage/HeritageResourcesReports/Garry-115-long.pdf |website=City of Winnipeg }}</ref> Other notable heritage restorations are the Keg in [[Kamloops]], [[British Columbia]], which was a [[Kamloops railway station|CN Station]]; and in [[New Westminster]], [[British Columbia]], formerly the city's [[Canadian Pacific Railway|CPR station]]. The [[Old Strathcona]] location, restored and opened in [[Edmonton|Edmonton, Alberta]], three years after Tidball opened the first Keg. It was originally built in 1912 as the Scona Apartments and Scona Garage, one of the earliest automobile sales and service locations in that city. This location has since closed.<ref>{{cite web |url=http://www.edmontonmapsheritage.ca/location/scona-garage-apartments/ |title=Scona Garage & Apartments |work=Edmonton Heritage Council |accessdate=2018-06-18}}</ref>  
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==Operations==
[[File:The Keg in Moncton.jpg|thumb|100th location of The Keg was built in [[Moncton|Moncton, New Brunswick]] in 2007]]
[[File:TheKegRichmondHill.jpg|thumb|The Keg in Richmond Hill, Ontario]]
The Keg's financial and physical operations have been managed by David Aisenstat for a number of years.<ref name=Global>{{cite news |url=https://globalnews.ca/news/3981978/the-keg-swiss-chalet-cara-operations/ |title=The Keg steakhouse chain to be sold to Swiss Chalet owner Cara Operations in $200M deal |first=Tara |last=Deschamps |work=[[The Canadian Press]] |publisher=[[Global News]] |date=2018-01-25 |accessdate=2018-06-18}}</ref> The restaurants operated as Keg Restaurants Ltd. (KRL), with Aisenstat involved in selling to the British firm [[Whitbread|Whitbread PLC]] in 1987.<ref name=Global/> In 1997, Aisenstat arranged financing and purchased 100% of KRL back from Whitbread.<ref name=Global/>

In 2002, KRL created the Keg Royalties Income Fund, sold through a public offering on the [[Toronto Stock Exchange]], trading as {{tsx|KEG.UN}}. The Fund owns the trademarks and intellectual property of "The Keg", and receives an annual royalty of 4% of gross sales for restaurant locations in the Royalty Pool. KRL kept a 99-year license to use the name "The Keg"; it also provided management services to The Keg Royalties Income Fund at no cost as part of its long-term royalty and licensing agreement. The Fund's creation presented the first opportunity for the public to trade in any portion of The Keg group of companies, which were previously fully private.

On February 4, 2014, Aisenstat sold 51% of his private holdings in The Keg to [[Fairfax Financial]], a publicly traded Canadian [[holding company]].<ref>[http://www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00017701 The Keg Royalties Income Fund - Annual Information Form - March 29, 2017 - SEDAR] {{webarchive|url=https://web.archive.org/web/20170903072111/http://www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00017701 |date=2017-09-03}}</ref>

On January 23, 2018, it was announced that Canadian food industry giant Cara Operations was purchasing KRL for $200&nbsp;million.<ref name="Global" /><ref name=CBC>{{cite news |url=http://www.cbc.ca/news/business/the-keg-cara-operations-1.4499652 |title=Owner of Harvey's, Swiss Chalet buying steakhouse chain The Keg for $200M  |first1=Meegan |last1=Read |last2=Staff Writers |work=[[CBC News]] |date=2018-01-23 |accessdate=2018-06-18 |url-status=live|archiveurl=https://web.archive.org/web/20180123145111/http://www.cbc.ca/news/business/the-keg-cara-operations-1.4499652|archivedate=2018-01-23}}</ref> The deal closed in February 2018,<ref name=CNW>{{Cite news |url=https://www.newswire.ca/news-releases/cara-reports-q1-2018-results-led-by-solid-same-store-sales-growth-682335861.html |title=Cara Reports Q1 2018 Results Led by Solid Same Store Sales Growth |work=[[CNW Group|CNW]] |date=2018-05-10 |accessdate=2018-06-18 |url-status=live |archiveurl=https://web.archive.org/web/20180608163926/https://www.newswire.ca/news-releases/cara-reports-q1-2018-results-led-by-solid-same-store-sales-growth-682335861.html |archivedate=2018-06-08}}</ref> with Fairfax Financial and David Aisenstat sharing $105&nbsp;million plus 3.8&nbsp;million Cara subordinate voting shares.<ref name=Global/> Aisenstat joined Cara's board of directors<ref name=CNW/> and assumed executive oversight of the higher-end brands within the 19 restaurant chains then held by Cara.<ref name=Global/> Cara also announced that the acquisition had prompted the company to change its own name,<ref name=CBC/> confirming on May 10, 2018 that it would be renamed Recipe Unlimited Corporation.<ref name=CNW/> 

On May 5, 2025, the Keg Royalties Income Fund entered into a letter of intent under which [[Fairfax Financial]] would acquire all the issued outstanding units of the fund for $18.60/unit. The largest holder of fund units (other than those owned by Fairfax) supports the proposed transaction.<ref>{{Cite web |title=The Keg Steakhouse + Bar |url=https://thekeg.com/en/keg-income-fund/05052025 |access-date=2025-06-16 |website=thekeg.com |language=en}}</ref> 

==See also==
*[[List of Canadian restaurant chains]]

==References==
{{reflist}}

==External links==
{{Commonscat}}
*{{Official website|https://thekeg.com/}}

{{Recipe Unlimited}}

{{DEFAULTSORT:Keg, The}}
[[Category:Recipe Unlimited]]
[[Category:Companies based in Richmond, British Columbia]]
[[Category:Restaurant chains in Canada]]
[[Category:Restaurant franchises]]
[[Category:Economy of the Western United States]]
[[Category:Regional restaurant chains in the United States]]
[[Category:Companies listed on the Toronto Stock Exchange]]
[[Category:Steakhouses]]
[[Category:Restaurants established in 1972]]
[[Category:1972 establishments in British Columbia]]
[[Category:2018 mergers and acquisitions]]
[[Category:Herb Capozzi]]