At what enterprise value was FLAT IRON acquired in 2025?

During the acquisition of FLAT IRON by MCWIN CAPITAL PARTNERS in 2025, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 50M - 150M GBP. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.5x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of FLAT IRON when it was acquired by MCWIN CAPITAL PARTNERS?

The exact EV/EBITDA multiple for FLAT IRON is available on mynth capital. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.5x. Join our community for free to access full valuation data and industry trends.

When was FLAT IRON acquired by MCWIN CAPITAL PARTNERS?

FLAT IRON was acquired by MCWIN CAPITAL PARTNERS in 2025.

What was the revenue of FLAT IRON at the time of the deal?

The revenue of FLAT IRON at the time of the deal is estimated to be in the range of 25M - 50M GBP. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the FLAT IRON acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the FLAT IRON deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://mcwin.fund/wp-content/uploads/2025/09/McWin-and-TriSpan-Announce-Majority-Investment-in-Flat-Iron.pdf

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Home Database Retail & ConsumerFLAT IRON

09/2025

FLAT IRON

Acquired by

MCWIN CAPITAL PARTNERS

UNITED KINGDOM Hospitality & Leisure / Hospitality / Restaurants / Chains EV 50M - 150M GBP

FLAT IRON acquired by MCWIN CAPITAL PARTNERS

UNITED KINGDOM Hospitality & Leisure / Hospitality / Restaurants / Chains EV 50M - 150M GBP

Context

McWin Foodservice Fund and TriSpan’s Rising Stars programme jointly secure a co‑control majority stake in FI Holdings Limited (Flat Iron), partnering with founder Charlie Carroll and CEO Tom Byng. The transaction is structured as a co‑control buy‑in, with Piper (a minority investor that put £10 million into the business in 2017) exiting the business, while the Flat Iron management team remains in place. The group currently operates 18 locations across London, Manchester, Leeds, and Cambridge, with a strong brand identity built around simple, high‑quality steak, fast‑service dining, and exceptional value for money. McWin positions the Flat Iron deal as the first investment from its new McWin Foodservice Fund, which continues the firm’s lower‑mid‑market foodservice investment strategy, while TriSpan adds its restaurant‑growth playbook and transatlantic perspective. The partnership aims to deepen Flat Iron’s footprint within the UK, drive operational excellence, and take the brand into its first international markets, leveraging both sponsors’ scale, operating insight, and experience in multi‑unit restaurant expansion.

FLAT IRON, which reported an EBITDA margin of LOGIN in 2024, 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 (11.5x).

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

Flat Iron is a UK‑based casual‑dining steak concept founded in 2012 by Charlie Carroll as a “no‑fuss, no‑frills” modern bistro offering high‑quality steak at accessible prices. The brand has grown to 18 restaurants across London, Manchester, Leeds, and Cambridge, with a positioning centered on simplicity, strong value for money, and a focus on steak as the core hero product. Flat Iron differentiates itself through a pared‑down menu, minimal tableware, and a fast‑service, high‑throughput format that sits at the intersection of fast‑casual and full‑service steak‑house. The group is led by CEO Tom Byng, who joined in 2017 as non‑executive director and became CEO in 2021, bringing prior experience from founding the burger chain Byron. Flat Iron has developed a loyal, recurring customer base, with a model that performs well across multiple dayparts and occasions, from weekday dinners to weekend groups.

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REFERENCES

Valuation range: EV 50M - 150M GBP

Revenue range: 25M - 50M GBP

Note: Detailed and exact financial metrics (Enterprise Value, Revenue, EBITDA, and precise Multiples) are reserved for Mynth community members. Register for free to unlock full data.

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

Acquirer: mcwin capital partners