M&A Deal Summary

Equip Capital and Armada Acquire Bastard Burgers

On December 18, 2019, private equity firm Equip Capital and mezzanine finance firm Armada acquired restaurant Bastard Burgers

Acquisition Highlights
  • This is Equip Capital’s 2nd and Armada’s 3rd transaction in the Restaurants sector.
  • This is Equip Capital’s 3rd and Armada’s 11th transaction in Sweden.

M&A Deal Summary

Date 2019-12-18
Target Bastard Burgers
Sector Restaurants
Buyer(s) Equip Capital
Armada
Deal Type Buyout (LBO, MBO, MBI)

Target

Bastard Burgers

Lulea, Sweden
Bastard Burgers is a chain of fast-casual burger restaurants that currently operates more than 30 restaurants. Its distinct and strong street food concept is based on premium quality, great taste and a wide menu, including a full vegan offering of all burgers. Bastard Burgers was founded in 2016 and is based in Lulea, Sweden.

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Buyer(S) 2

DESCRIPTION

Equip Capital is a private equity firm focused on acquiring small and mid-sized profitable companies in Scandinavia. Equip Capital seeks control positions in partnership with entrepreneurs and management teams. The Firm primarily invests in the consumer, industrials, and business services sectors. Equip Capital was founded in 2018 and is headquartered in Oslo, Norway.


DEAL STATS #
Overall 4 of 14
Sector: Restaurants M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 3 of 9
Country: Sweden M&A 3 of 7
Year: 2019 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-13 Funplays

Halmstad, Sweden

Funplays is an operator of indoor play centers in the Nordics. The parks attract children in a broad age span with their wide range of attractions. Funplays was founded in 2006 and is based in Halmstad, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-21 iteam

Narvik, Norway

iteam provides communication solutions and IT services to the aquaculture industry. iteam is a technological front runner being one of the first providers to fully make the transition to the public cloud Microsoft Azure. iteam was founded in 1989 and is based in Narvik, Norway.

Buy -
Buyer

Armada

Helsinki, Finland

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 500M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Armada Mezzanine is an independent mezzanine firm focused on financing buyouts, recapitalizations, and expansions of small and medium-sized Nordic companies. Armada generally targets companies valued from €20 to €150 million with stable cash-flows, attractive growth opportunities, and sustainable competitive advantages. Sectors of interest include industrial products, services, and technology. Armada Mezzanine was established in 2000 and has offices in Helsinki and Stockholm.


DEAL STATS #
Overall 25 of 28
Sector: Restaurants M&A 3 of 3
Type: Buyout (LBO, MBO, MBI) M&A Deals 13 of 15
Country: Sweden M&A 11 of 13
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-04 Cambio

Linkoping, Sweden

Cambio operates in the Electronic Health Records (“EHR") market, offering software solutions for the acute, primary, social and person-centered care. Cambio promotes a holistic view on health and social care and offers an EHR agnostic solution for clinical decision support applicable for all branches of health and social care. Cambio was founded in 1993 and is based in Linkoping, Sweden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-07 SPI Global Play

Malmo, Sweden

SPI Global Play is a European designer, manufacturer, and supplier of equipment for indoor playgrounds and other leisure-related activities. The company has a local presence in fifteen countries and a wide distributor base in twelve countries, together covering five continents. SPI Global Play was founded in 1974 and is based in Malmo, Sweden.

Buy -