COURTEPAILLE acquired by BUFFALO GRILL
Context
In September 2020, Buffalo Grill acquired its competitor Courtepaille out of receivership, a legal process initiated in July 2020. Courtepaille's financial distress, which pre-dated the pandemic, was severely exacerbated by the COVID-19 lockdown and the preceding french social crisis, culminating in its inability to secure a state-guaranteed loan. The Commercial Court of Evry selected Buffalo Grill's bid over several competing offers, including a notable one from Groupe Bertrand. The court's decision was based on Buffalo Grill's superior proposal on both financial and social grounds. Financially, the offer amounted to €17 million for Courtepaille's assets, significantly higher than Groupe Bertrand's €10.5 million bid. Socially, the plan included the preservation of 2k jobs. The strategic rationale was also a key factor; the court was convinced by the credibility of Buffalo Grill's industrial project. This project aimed to replicate the successful transformation plan Buffalo Grill itself had undergone in 2018-2019 to modernize its brand and improve profitability. The acquisition, backed by Buffalo Grill's majority shareholder, TDR Capital, was an ambitious move to consolidate leadership in the French themed-dining market by integrating a historic brand.
In the past, the company had already been the subject of several LBOs, notably led by Credit Mutuel Equity in 2013 and Icg in 2015. These multiple LBO cycles illustrate the strong appeal for this type of asset.
COURTEPAILLE, which reported an EBITDA margin of in 2019, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).
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Target
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.
Ent. Value
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Historical Financials (EUR)
Other operations with COURTEPAILLE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2015 | ICG | COURTEPAILLE | FRANCE | Restaurants / Chains |
| 06/2013 | CREDIT MUTUEL EQUITY | COURTEPAILLE | FRANCE | Restaurants / Chains |
| 12/2010 | FONDATIONS CAPITAL | COURTEPAILLE | FRANCE | Restaurants / Chains |
REFERENCES
Revenue range: 250M - 500M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: courtepaille
Acquirer: buffalo grill