FLAT IRON acquired by MCWIN CAPITAL PARTNERS
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 in 2024, 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 (10.6x).
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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
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EV / Revenue
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Historical Financials (GBP)
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REFERENCES
Valuation range: EV 50M - 150M GBP
Revenue range: 25M - 50M GBP
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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.
Press release: view release
Target: flat iron
Acquirer: mcwin capital partners