Mcwin Capital Partners takes majority stake in Flat Iron

UNITED KINGDOM Hospitality & Leisure / Hospitality / Restaurants / Chains EV £50–150M

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.

By taking control of Flat Iron, Mcwin Capital Partners continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Sticks’n’sushi in 2024.

Flat Iron, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of [members only].

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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.

Ent. Value

£50–150M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2024

2023

Other operations with Mcwin Capital Partners

Other operations with Mcwin Capital Partners
Date	Acquirer	Target	Country	Sector
02/2024	MCWIN CAPITAL PARTNERS	STICKS’N’SUSHI	DENMARK	Restaurants / Chains
09/2023	MCWIN CAPITAL PARTNERS	BIG MAMMA	FRANCE	Restaurants / Chains
01/2023	MCWIN CAPITAL PARTNERS	L’OSTERIA	GERMANY	Restaurants / Chains

Similar deals in Hospitality & Leisure

Similar deals in Hospitality & Leisure
Date	Acquirer	Target	Country	Sector
10/2025	RACETRAC	POTBELLY CORPORATION	UNITED STATES	Restaurants / Chains
10/2025	BPIFRANCE / BRED BANQUE POPULAIRE	ERIGEA LOISIRS	FRANCE	Leisure Facilities
09/2025	RHONE CAPITAL	FREDDY’S	UNITED STATES	Restaurants / Chains
09/2025	SPOON BRANDS	ROSSOPOMODORO	ITALY	Restaurants / Chains
08/2025	L’OSTERIA	PIZZA PILGRIMS	UNITED KINGDOM	Restaurants / Chains
08/2025	FREEMAN SPOGLI	PHILZ COFFEE	UNITED STATES	Restaurants / Chains
08/2025	MONTEFIORE INVESTMENT / CERES INDUSTRIES CAPITAL / CFJ (COMPAGNIE FINANCIÈRE JOUSSET)	KARAVEL	FRANCE	Tour Operators
06/2025	HYATT	PLAYA HOTELS & RESORTS	NETHERLANDS	Hotels & Accommodation
04/2025	PIPER	YARD SALE PIZZA	UNITED KINGDOM	Restaurants / Chains
04/2025	LEONARD GREEN & PARTNERS	CRUNCH FITNESS	UNITED STATES	Hospitality

REFERENCES

Valuation range: EV £50–150M

Revenue range: £25–50M

EV/Revenue range: 1x - 3x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Flat Iron by Mcwin Capital Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: flat iron

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Flat Iron, a British company specialised in Hospitality, by Mcwin Capital Partners in 2025, structured as a leveraged buyout (LBO).

How was the acquisition of Flat Iron by Mcwin Capital Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the £50–150M band and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What was Flat Iron’s revenue at the time of the deal?

At the time of the transaction, Flat Iron’s annual revenue was estimated within the £25–50M range (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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