M&A Deal Summary

Hutton Collins Partners, Duke Street Private Equity and Connection Capital Acquire Wagamama

On March 25, 2011, private equity firm Hutton Collins Partners, private equity firm Duke Street Private Equity and asset manager Connection Capital acquired restaurant Wagamama from Lion Capital for 215M GBP

Acquisition Highlights
  • This is Hutton Collins Partners’ 3rd, Duke Street Private Equity’s 1st and Connection Capital’s 2nd transaction in the Restaurants sector.
  • This is Hutton Collins Partners’ 2nd, Duke Street Private Equity’s 4th and Connection Capital’s largest (disclosed) transaction.
  • This is Hutton Collins Partners’ 11th, Duke Street Private Equity’s 24th and Connection Capital’s 3rd transaction in the United Kingdom.
Investment Fate
  • Wagamama was sold to a financial buyer in 2011.
  • Wagamama was sold to a publicly-traded strategic buyer in 2018 for 559M GBP.

M&A Deal Summary
Date 2011-03-25
Target Wagamama
Sector Restaurants
Buyer(s) Hutton Collins Partners
Duke Street Private Equity
Connection Capital
Sellers(s) Lion Capital
Deal Type Secondary Buyout
Deal Value 215M GBP
Advisor(s) Travers Smith (Legal)

Target

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(S) 3

Buyer

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 STATS #
Overall 19 of 23
Sector (Restaurants) 3 of 4
Type (Secondary Buyout) 6 of 6
Country (United Kingdom) 11 of 14
Year (2011) 1 of 2
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-07 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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-01 Vizada SAS

Paris, France

Vizada SAS is a provider in the provision of VSAT and MSS satellite services.

Sell €960M
Buyer

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.

DEAL STATS #
Overall 41 of 55
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 8 of 13
Country (United Kingdom) 24 of 33
Year (2011) 2 of 3
Size (of disclosed) 4 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-07 UKWM

York, United Kingdom

UKWM, formerly Yorkshire Investment Group, is a company with £1.4bn of private client funds under advice in addition to the corporate pension funds on which it advises. It provides specialist investment and tax planning advice to high net worth individuals and employee benefits advice to organizations and trustees. The company is well positioned to capitalise on changes in the IFA market driven by UK demographic trends, pension reforms and regulatory changes. The IFA sector is fragmented and comprises approximately 11,000 independent firms in the UK.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-05 Cruiseline

Monaco, Monaco

Cruiseline is an online travel agency specializing in the sale of cruises in Spain, and Italy. It operates its own internet sites as well as the cruise pages for generalist online travel agencies. Cruiseline was founded in 2005 and is based in Monaco.

Buy -
Buyer

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 STATS #
Overall 3 of 34
Sector (Restaurants) 2 of 4
Type (Secondary Buyout) 1 of 3
Country (United Kingdom) 3 of 34
Year (2011) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-30 Sleeperz Hotels

London, United Kingdom

Sleeperz Hotels is an operator of stylish budget/boutique hotels built in prime city center locations, typically adjacent to a major rail station. Sleeperz Hotels was founded in 2008 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-01 Phoenix Learning and Care

Tiverton, United Kingdom

Phoenix Learning and Care is an independent provider of specialist residential care and education to young people with special needs through schools and care homes in Devon and Cornwall. Phoenix Learning and Care was founded in 2006 and is based in Tiverton, United Kingdom.

Buy -

Seller(S) 1

SELLER

Lion Capital

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 4.3B EUR
Size Mega
Type Sector Focused
DESCRIPTION

Lion Capital LLP is a specialist private equity firm focused on consumer-oriented opportunities throughout Europe and North America. Specific areas of interest include apparel, accessories, luxury goods, food, and specialty retail. Lion Capital LLP was formed in 2004 and is based in London. The Firm has an additional office in New York City.

DEAL STATS #
Overall 9 of 23
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 3 of 6
Country (United Kingdom) 2 of 6
Year (2011) 1 of 1
Size (of disclosed) 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-15 Bumble Bee Foods

San Diego, California, United States

Bumble Bee Foods is a producer and marketer of canned tuna and other seafood and the leader in the premium albacore tuna market. The company sells its broad range of products under the well-known brands Bumble Bee, Clover Leaf and Orleans. Bumble Bee Foods was founded in 1899 and is based in San Diego, California.

Buy $980M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-05 AllSaints

London, United Kingdom

AllSaints is a design-driven retailer of fashion apparel and accessories with a world-class digital platform. AllSaints was founded in 1994 and is based in London, United Kingdom.

Buy £105M
Mergr

Product

Company

Legal