The Keg is a Canadian-owned chain of steakhouserestaurants 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, British Columbia. By February 2018, The Keg had expanded to 160 locations in Canada and the United States, when Cara Operations (now known as Recipe Unlimited) purchased the chain for $200million from then-owners David Aisenstat (49%) and Fairfax Financial (51%). The chain is also known as The Keg Steakhouse + Bar.
The company was founded in 1971 in 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. It operates in nine Canadian provinces (excluding only Prince Edward Island) and five American states.[1]
Several locations operate in repurposed historic buildings, such as 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.[2] Other notable heritage restorations are the Keg in Kamloops, British Columbia, which was a CN Station, and the location in New Westminster, British Columbia, formerly the city's Canadian Pacific Railway station. The Old Strathcona location was restored and opened in Edmonton, Alberta, three years after Tidball had 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.[3]
Operations
The 100th location of The Keg was built in Moncton, New Brunswick in 2007The Keg in Richmond Hill, Ontario
The Keg's financial and physical operations have been managed by David Aisenstat for a number of years.[4] The restaurants operated as Keg Restaurants Ltd. (KRL), with Aisenstat involved in selling to the British firm Whitbread PLC in 1987.[4] In 1997, Aisenstat arranged financing and purchased 100% of KRL back from Whitbread.[4]
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.[5]
On January 23, 2018, it was announced that Cara Operations was purchasing KRL for $200million.[4][6] The deal closed in February 2018,[7] with Fairfax Financial and David Aisenstat sharing $105million plus 3.8million Cara subordinate voting shares.[4] Aisenstat joined Cara's board of directors[7] and assumed executive oversight of the higher-end brands within the 19 restaurant chains then held by Cara.[4] Cara also announced that the acquisition had prompted the company to change its own name,[6] confirming on May 10, 2018, that it would be renamed Recipe Unlimited Corporation.[7]
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.[8]
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