Firehouse Subs Juggernaut Sets Eyes on Cap’s on the Water

Firehouse Subs Juggernaut Sets Eyes on Cap’s on the Water
Stephen Joost with Bernard De Raad

San Jose resident Stephen Joost is returning to the restaurant industry as he takes over majority ownership of the St. Augustine restaurant Cap’s on the Water.

Along with his fellow founding partners, Joost sold their popular sandwich chain Firehouse Subs in 2021. Following that, Joost invested in Yoga Den, a privately-owned yoga brand with 12 studios throughout Northeast Florida, including locations in Avondale and San Marco. Returning to the restaurant industry, however, remained a goal.

“I’ve been blessed to be a part of the restaurant industry in Jacksonville for the last 30 years, but I’m not finished yet,” he said. “I wanted to build another restaurant company, but never imagined this opportunity or that I would find such a perfect fit with Bernard. It is an honor to own an iconic restaurant like Cap’s on the Water and continue the legacy that Bernard and his team have built.”

Bernard De Raad purchased Cap’s on the Water in 1999 and plans to stay on as an owner to oversee and manage daily operations. The two restauranteurs also plan to work together on developing “several full-service, coastal restaurants.”

“Stephen believes in the culture and philosophy we have built at Cap’s and will ensure that it remains intact, and that is very important to us,” said De Raad. “My fingers are always itching, and I have been dreaming up ideas for future concepts for years. We share a vision of opening new, iconic restaurants that use the same proven model as Cap’s on the Water.”

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