M&A Deal Summary

The Restaurant Group Acquires Wagamama

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

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

M&A Deal Summary
Date 2018-10-30
Target Wagamama
Sector Restaurants
Buyer(s) The 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

Wagamama

Southwark, United Kingdom
website
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(S) 1

Buyer

The Restaurant Group

London, United Kingdom

website

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

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

DEAL STATS #
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(S) 3

SELLER

Hutton Collins Partners

London, United Kingdom

Investor

website

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 STATS #
Overall 16 of 18
Sector (Restaurants) 3 of 4
Type (Add-on Acquisition) 10 of 11
Country (United Kingdom) 10 of 12
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
2020-06-29 Byron Burgers

London, United Kingdom

Byron Burgers is a burger chain operating in a niche segment of UK casual dining market. Byron Burgers was formed in 2007 and is based in London, England.

Sell -
SELLER

Duke Street Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor

website

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.

DEAL STATS #
Overall 41 of 43
Sector (Restaurants) 1 of 1
Type (Add-on Acquisition) 16 of 17
Country (United Kingdom) 24 of 25
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 1980 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 a provider in the development, manufacture, sales, marketing, and distribution of generic pharmaceuticals for the British, Irish and international markets. Kent has a broad portfolio of its own licensed products with a particular focus on beta lactam antibiotics including penicillin V, flucloxacillin and amoxicillin, which are long established antibiotics typically used to treat bacterial infections such as 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

website

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 STATS #
Overall 4 of 7
Sector (Restaurants) 1 of 1
Type (Add-on Acquisition) 1 of 4
Country (United Kingdom) 4 of 7
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.

Buy -
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