BUFFALO GRILL
Acquired by
TDR CAPITAL
BUFFALO GRILL acquired by TDR CAPITAL
Context
UK-based private equity firm TDR Capital entered into exclusive negotiations to acquire Buffalo Grill in a tertiary leveraged buyout from a consortium of financial sponsors, including majority shareholder Abénex Capital, NiXEN Partners, and Céréa Partenaire. TDR Capital secured the deal pre-emptively by submitting a swift, firm, all-cash offer within a two-week timeframe, which allowed it to bypass a formal auction process being prepared by advisor DC Advisory. This decisive bid outmaneuvered other interested parties, including Mexican strategic buyer Alsea. TDR Capital's rationale for the acquisition is to accelerate Buffalo Grill's growth. The strategy involves further expanding the restaurant footprint, with management identifying a potential for at least 60 additional locations. TDR also plans to enhance the company's digital capabilities to optimize pricing and improve margins. Furthermore, the acquisition positions Buffalo Grill as a platform for potential consolidation within the French restaurant sector, with the new ownership structure enabling it to pursue strategic bolt-on acquisitions. The transaction was subject to customary conditions, including consultation with employee representatives and approval from the French competition authority.
BUFFALO GRILL, which reported an EBITDA margin of LOGIN in 2017, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.4x).
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.
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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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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. |
| 07/2005 | COLONY 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
EBITDA range: 50M - 100M 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).
Press release: view release
Target: buffalo grill
Acquirer: tdr capital