BUFFALO GRILL
Acquired by
COLONY CAPITAL
BUFFALO GRILL acquired by COLONY CAPITAL
Context
Colony Capital, in partnership with its joint-venture fund Colyzeo, executed a leveraged buyout of the French steakhouse chain, Buffalo Grill. The transaction involved acquiring a controlling stake from the company's founder, Christian Picart, with the ultimate goal of delisting the company from the Eurolist C exchange and taking it private. This move concluded a lengthy sale process that had been active for approximately eighteen months, with Colony Capital's proposal prevailing over competing offers from other private equity firms such as Alpha, Advent, and Change Capital. The acquirers' rationale was driven by several key factors: the strength and appeal of the restaurant's brand concept, its significant, unrealized potential for international expansion, the substantial value of its underlying real estate assets, and the perceived solidity of its management team. The acquisition followed a period where Buffalo Grill had successfully overcome operational difficulties and demonstrated a strong business recovery. The new capital structure, supported by a significant long-term loan, was designed to provide the restaurant group with the necessary financial resources to restart its growth strategy, with a particular emphasis on expanding its presence outside of its core French market.
BUFFALO GRILL, which reported an EBITDA margin of LOGIN in 2004, 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 (11.4x).
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Target
Buffalo Grill is the leading theme-based restaurant chain in France, distinguished by its iconic American steakhouse concept and extensive national coverage. The group manages a large portfolio of restaurants, combining directly operated sites and franchised locations, which ensures a resilient and scalable economic model. Following a comprehensive transformation plan initiated in recent years, the company has successfully modernized its brand image, menu offerings, and digital capabilities to attract a younger and broader customer base. This strategic evolution has reinforced its status as a market leader in the competitive casual dining industry. The company benefits from a sophisticated supply chain and robust management expertise in high-traffic site operations, positioning it as a natural consolidator within the sector.
Ent. Value
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Equity Value
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Multiples
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with BUFFALO GRILL
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 09/2020 | BUFFALO GRILL | COURTEPAILLE | France | Hospitality & Leisure | Courtepaille is a French restaurant chain with a history dating back to its founding in 1961. The company specializes in grilled meat and operates within the casual dining segment, primarily targeting families. Its brand identity is strongly associated with a traditional, rustic aesthetic, often featuring a distinctive circular building with a thatched roof, which has become a familiar sight for travelers along France's major roadways. The business model is a mix of company-owned and franchised restaurants. The menu is centered around various cuts of beef, sausages, and other grilled items, typically prepared over a wood fire in an open kitchen, which is a signature element of the customer experience. This concept is designed to offer a consistent and accessible dining option. Over the decades, Courtepaille established itself as a well-known name in the French hospitality landscape, synonymous with roadside dining and a consistent, unpretentious food offering. |
| 10/2017 | TDR CAPITAL | BUFFALO GRILL | FRANCE | Hospitality & Leisure | Buffalo Grill is the leading theme-based restaurant chain in France, distinguished by its iconic American steakhouse concept and extensive national coverage. The group manages a large portfolio of restaurants, combining directly operated sites and franchised locations, which ensures a resilient and scalable economic model. Following a comprehensive transformation plan initiated in recent years, the company has successfully modernized its brand image, menu offerings, and digital capabilities to attract a younger and broader customer base. This strategic evolution has reinforced its status as a market leader in the competitive casual dining industry. The company benefits from a sophisticated supply chain and robust management expertise in high-traffic site operations, positioning it as a natural consolidator within the sector. |
REFERENCES
Valuation range: EV 300M - 700M EUR
Revenue range: 250M - 500M EUR
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Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: buffalo grill