Cara Operations Limited announced that it closed a strategic financing transaction with Fairfax Financial Holdings Limited and acquired Prime Restaurants Inc. Concurrent with the closing of the Transaction Mr. Bill Gregson has been appointed President and CEO of Cara. Mr. Gregson has spent over 30 years in the retail industry, most recently as Executive Chairman, President and CEO of The Brick Group. Prior to that, Mr. Gregson was the President and Chief Operating Officer of the Forzani Group.

Prime will become a wholly owned subsidiary of Cara. Mr. John A. Rothschild, who will continue as the CEO of Prime and will be the Executive Vice Chair of the Board of Cara.