Add-on Acquisition • Restaurants

Restaurant Group Acquires Wagamama

On October 30, 2018, Restaurant Group acquired restaurant Wagamama from Hutton Collins Partners, Duke Street Private Equity and Connection Capital for 559M GBP

Acquisition Context
  • This is Restaurant Group’s 2nd transaction in the Restaurants sector.
  • This is Restaurant Group’s 0th largest (disclosed) transaction.
  • This is Restaurant Group’s 2nd transaction in the United Kingdom.

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M&A Deal Summary

Date October 30, 2018
Target Wagamama
Sector Restaurants
Buyer(s) Restaurant Group
Sellers(s) Hutton Collins Partners
Duke Street Private Equity
Connection Capital
Deal Type Add-on Acquisition
Deal Value 559M GBP
Advisor(s) Goldman Sachs (Financial)

Target Company

Wagamama

Southwark, United Kingdom
Wagamama provides pan-Asian inspired cuisine serving food based on Japanese cuisine with 108 restaurants around the world. Wagamama was formed in 1992 and is based in London. United Kingdom.
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Buyer Overview 1

Buyer

Restaurant Group

London, United Kingdom

Category Company
Founded 1954
Sector Restaurants
Employees14,000
Revenue 883M GBP (2022)
DESCRIPTION

Restaurant Group is a British chain of restaurants and public houses. Restaurant Group was founded in 1954 and is based in London, the United Kingdom.


Deal Context for Buyer #
Overall 2 of 3
Sector: Restaurants 2 of 3
Type: Add-on Acquisition 2 of 3
Country: United Kingdom 2 of 3
Year: 2018 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-12 Living Ventures

Cheshire, United Kingdom

Living Ventures is a operator of The Living Room bar and restaurant chain, a casual dining restaurant and bar which provides a high quality product combined with superior service to a broad customer base.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-13 Barburrito

Manchester, United Kingdom

Barburrito is an owner and operator of restaurants. Serving up fast, fresh, and healthy Mexican-inspired food, Barburrito has become a national brand and continues to roll out its restaurants across Britain. Barburrito was founded in 2002 and is based in Manchester, United Kingdom.

Buy -

Seller Profiles 3

SELLER

Hutton Collins Partners

London, United Kingdom

Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Hutton Collins is a UK-based investor in established, profitable, mid-sized Western European businesses. Hutton invests mezzanine, preferred, and minority equity capital to support buyouts, acquisition financings, expansions, restructurings, and shareholder liquidity needs. Hutton generally invests €35 to €100 million in businesses valued between €100 and €500 million. The Firm has particular interest in opportunities throughout Spain, France, and Italy. Hutton is a generalist investor and has deep expertise in business services, leisure, healthcare, and financial services. Hutton Collins is based in London.


Deal Context for Seller #
Overall 16 of 17
Sector: Restaurants 3 of 3
Type: Add-on Acquisition 10 of 11
Country: United Kingdom 10 of 11
Year: 2018 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-08 Dedalus

Florence, Italy

Dedalus is a health software provider that develops and distributes software systems for general practitioners and primary care pediatricians in the health care industry. Dedalus was formed in 1990 and is based in Florence, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-02 Hunter Boots

Edinburgh, United Kingdom

Hunter Boot is a lifestyle brand focused on the design, production, and wholesaling of rubber boots, bags, outerwear, and related accessories. Hunter Boot was established in 1856 and is based in Edinburgh, United Kingdom.

Sell -
SELLER

Duke Street Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 3.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Duke Street Private Equity is a European private equity firm that targets investments in mid-market UK and French businesses valued between €50 and €350 million. Duke Street looks to build companies through organic growth and acquisitions. Sectors of interest include business services and outsourcing, retail and consumer, food, industrial, healthcare, leisure, and financial services. Duke Street Private Equity was founded in 1988 and is based in London, United Kingdom.


Deal Context for Seller #
Overall 41 of 45
Sector: Restaurants 1 of 1
Type: Add-on Acquisition 16 of 17
Country: United Kingdom 25 of 28
Year: 2018 1 of 1
Size (of disclosed) 1 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-02 Great Rail Journeys

York, United Kingdom

Great Rail Journeys is an operator of escorted holidays by rail that offers a fantastic choice of holidays with popular itineraries to over 40 countries across the world. Great Rail Journeys was founded in 1973 and is based in York, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-05 Kent Pharma

Ashford, United Kingdom

Kent Pharma is engaged in the development, manufacture, sales, marketing, and distribution of generic pharmaceutical products for the British, Irish, and international markets. The company’s portfolio includes licensed products, with a focus on beta-lactam antibiotics such as penicillin V, flucloxacillin, and amoxicillin, which are used in the treatment of bacterial infections including throat, ear, and respiratory tract infections. Kent Pharma was founded in 1986 and is based in Ashford, United Kingdom.

Buy -
SELLER

Connection Capital

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2010
PE ASSETS 295M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Connection Capital is an asset manager that provides investors direct access to a variety of investment opportunities. These include direct private equity investments, structured debt, and commercial property deals. Connection Capital was formed in 2010 and is headquartered in London.


Deal Context for Seller #
Overall 4 of 9
Sector: Restaurants 1 of 2
Type: Add-on Acquisition 1 of 4
Country: United Kingdom 4 of 9
Year: 2018 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-23 Redeem

Bathgate, United Kingdom

Redeem is a provider of electronic equipment recycling and re-commerce solutions for mobile network operators, wholesalers, retailers, charities, and direct consumers in the United Kingdom and internationally. Redeem was founded in 1999 and is based in Bathgate, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-02 Portland 88

Portland, United Kingdom

Portland 88 comprises 88 new build residential units, including one, two, and three-bedroom flats and six townhouses plus a double-height entrance lobby with concierge. Portland 88 was founded in 2017 and is based in Portland, United kingdom.

Buy -