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Toronto food services giant Cara Operations Ltd. is acquiring the British Columbia-based Milestone's restaurant chain from Spectra Group of Great Restaurants in a deal valued at C$34.4 million ($21.5 million) in cash and shares plus the assumption of an unspecified amount of debt. Cara and Wayne Holm, former president of Cara's restaurant group, said they will cancel their interests in Vancouver- based Spectra. Milestone's Restaurants Inc. will be 74% owned by Cara and 26% by Holm. Under the deal, Cara and Holm will surrender their 6.6 million Spectra shares and pay C$15 million in cash. Milestone's has 19 restaurants in British Columbia and Ontario and one in Kirkland, Wash. Cara acquired coffee retailer The Second Cup Ltd. in a C$42 million deal in February. Cara also owns the Kelsey's, Swiss Chalet and Harvey's restaurant chains. --Laura King www.TheDeal.com