mynth
← DATABASE
05/2017

BIG FERNAND acquired by BLUEGEM CAPITAL PARTNERS

FRANCE Hospitality & Leisure / Hospitality / Restaurants / Chains REV 5M - 25M EUR

Context

BlueGem Capital Partners acquired an 80% stake in Big Fernand from its founders and the SEP family office (Riccobono family) to accelerate the brand’s global trajectory. The transaction included an immediate capital injection of at least €7 million to fund a massive scale-up, with the goal of reaching 100 restaurants shortly after the deal. The strategic rationale was focused on transitioning Big Fernand from a successful national niche player into a global gourmet burger champion. Key post-acquisition initiatives included the buyout of franchised locations in Hong Kong to bring them under direct control and the opening of several flagship locations in Paris. Founder Steve Burggraf remained as President with a 6% equity stake to ensure brand continuity and preserve the "French touch" DNA that fueled the company’s initial success. This partnership provided Big Fernand with the institutional framework and international network required to compete in the increasingly crowded premium fast-casual market.

BIG FERNAND, which reported an EBITDA margin of LOGIN in 2017, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in Retail & Consumer market trends

Target

Big Fernand is a pioneer of the "Gourmet Burger" movement in France, blending fast-food efficiency with French gastronomic quality. Founded in 2011 by Steve Burggraf, Alexandre Auriac, and Guillaume Pagliano, the brand quickly established a cult following through its quirky French branding, high-quality locally sourced ingredients (premium meats, unpasteurized French cheeses), and customized service. In 2017, the group operated 35 restaurants across France, London, and Hong Kong. The business model utilizes a mix of company-owned sites and franchises, focusing on high-traffic urban areas. Big Fernand's value proposition is centered on "le manger bon et rapide" (eating good and fast), effectively disrupting the traditional fast-food market by capturing the mid-to-high-end consumer segment looking for an authentic and premium casual dining experience.

Ent. Value

LOGIN

Equity Value

LOGIN

Multiples

EV / Revenue

LOGIN

EV / EBITDA

LOGIN

EV / EBIT

LOGIN

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2017
LOGIN
LOGIN
LOGIN
2016
LOGIN
LOGIN
LOGIN

Similar deals in Retail & Consumer

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
09/2017FREEMAN SPOGLICAFE RIOUNITED STATESHospitality & Leisure

Freeman Spogli & Co. acquired Cafe Rio, Inc. from KarpReilly LLC, taking a majority interest in the fast-casual Mexican restaurant chain while existing management retained significant equity. The transaction marked Freeman Spogli's entry into the growing fast-casual segment, with Cafe Rio's leadership team continuing to guide operations from Salt Lake City headquarters. This deal made strategic sense as Cafe Rio's scratch-made Mexican cuisine and loyal customer base aligned perfectly with Freeman Spogli's successful restaurant investments including El Pollo Loco and other consumer concepts

09/2017GLOBAL FRANCHISE GROUPROUND TABLE PIZZAUNITED STATESHospitality & Leisure

Global Franchise Group acquired Round Table Pizza including Round Table Clubhouse and Wings Brew concepts, boosting system-wide sales to nearly $1 billion across 1,500+ stores. The deal integrated 440 U.S. locations (70 company-owned) and 10 international sites into GFG's portfolio alongside Great American Cookies and others. GFG targeted Round Table for its $1M+ AUVs, loyal base, and "center of the plate" positioning complementing snack brands. Strategic fit included leveraging GFG's Atlanta facility for production, franchise support, and West Coast expansion while investing in menus, technology, remodeling

04/2017BLUEGEM CAPITAL PARTNERSGRUPO RESTAURACIÓN LATERALSPAINHospitality & Leisure

BlueGem Capital Partners acquired a majority stake in Lateral to facilitate the next phase of the group's national development. The transaction marked a transition from a founder-led business to a private equity-backed platform, specifically targeting the high-growth premium tapas segment in Spain. The strategic rationale focused on leveraging Lateral’s high brand awareness and proven unit economics to execute a nationwide roll-out. BlueGem's investment was designed to support the existing management team in scaling the concept beyond its Madrid stronghold into other major Spanish cities

04/2017JAB BEECHPANERA BREAD COMPANYUNITED STATESHospitality & Leisure

JAB entered into a definitive merger agreement to acquire Panera Bread Company. The transaction was unanimously approved by Panera's Board of Directors and expected to close in the third quarter of 2017, subject to shareholder approval and regulatory clearances. The strategic rationale reflects JAB's continued build-out of its coffee and quick-casual platform, adding Panera as a leading bakery-café concept with strong brand equity and innovation momentum. Panera's digital, wellness, and omni-channel initiatives align with JAB's portfolio themes, offering cross-pollination opportunities across its beverage-heavy holdings

12/2016ICGPARK HOLIDAYSUNITED KINGDOMHospitality & Leisure

The sale of Park Holidays UK by Caledonia Investments occurs after a 3-year holding period, during which the holiday park network underwent substantial expansion, growing from 23 to 26 establishments. This secondary buyout enables Intermediate Capital Group to enter the still highly fragmented UK outdoor hospitality market, with the goal of consolidating independent operators and modernizing existing infrastructure. Financing provided by the new majority shareholder will be crucial in supporting this expansion strategy, aimed at bolstering Park Holidays UK's market position

10/2016GENERAL ATLANTIC / VALEDO PARTNERSJOE & THE JUICEDENMARKHospitality & Leisure

General Atlantic, a global growth‑equity firm, entered the capital of Joe & the Juice by acquiring a minority stake through a strategic growth‑equity round, joining existing shareholder Valedo Partners as a co‑investor. The transaction is designed to support the chain’s global expansion, particularly in the United States and the UK, by providing capital to open up to 150 new stores in the U.S. over the subsequent years and to strengthen its omnichannel and brand‑development capabilities. At the time of the investment, Joe & the Juice operated about 160 outlets worldwide, with most locations concentrated in Northern Europe and the UK, and a nascent but growing presence in Asia and the U.S...

07/2016JAB BEECHKRISPY KREME DOUGHNUTSUNITED STATESHospitality & Leisure

JAB Beech completed its acquisition of Krispy Kreme Doughnuts in July 2016 through a definitive deal that had originally been announced in May of that year. The deal was approved by Krispy Kreme shareholders at a special meeting and completed after the company received the required regulatory and shareholder approvals. The strategic logic was to place one of the most recognizable doughnut brands in the world into JAB's growing consumer portfolio, alongside its coffee and beverage assets. Krispy Kreme offered a premium sweet bakery concept with global brand awareness, a loyal customer following, and meaningful runway in coffee, international franchising, and wholesale distribution

07/2016MTY FOOD GROUPKAHALA BRANDSUNITED STATESHospitality & Leisure

In a transformative cross-border transaction, MTY Food Group has completed the acquisition of 100% of the shares of Kahala Brands. The deal is classified as a Full Acquisition (100%), structured as a merger between a wholly-owned subsidiary of MTY and the target. This acquisition marks MTY’s entry into the United States, effectively doubling its scale with the combined entity. This strategic deal allows MTY to fully internalize Kahala’s profitable and scalable U.S. platform, moving its regional headquarters to Arizona to leverage local expertise

05/2016PUBLIC MARKETS (IPO)BASIC-FITNETHERLANDSHospitality & Leisure

Basic-Fit N.V. announced the commencement of an initial public offering on Euronext Amsterdam, issuing up to 24,666,667 new ordinary shares and up to 2,000,000 existing shares held by current shareholders. The offering period opened on 31 May 2016 for institutional and retail investors, with a pricing range set between €15 and €20 per share and an over‑allotment option for an additional 15 percent of the total shares. The prospectus detailed the allocation process, lock‑up agreements for selling shareholders, and the intended use of net proceeds to refinance debt and fund further club expansion

05/2016SEVEN2SANDAYAFRANCEHospitality & Leisure

APAX PARTNERS (which became SEVEN2 in 2023) acquired a majority stake in Sandaya, alongside the founders. The aim of the transaction was to provide the group with significant financial resources in order to accelerate the consolidation of the fragmented French camping market and expand its presence in Europe.

REFERENCES

Revenue range: 5M - 25M EUR

EBITDA range: 0M - 5M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of BIG FERNAND by BLUEGEM CAPITAL PARTNERS are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: big fernand

Acquirer: bluegem capital partners