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 11.0x, 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 11.0x. 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

← DATABASE

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

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 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 (11.0x).

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.

-> Deep-dive in Retail & Consumer market trends

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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2024

2023

Similar deals in Retail & Consumer

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
10/2025	BPIFRANCE / BRED BANQUE POPULAIRE	ERIGEA LOISIRS	FRANCE	Hospitality & Leisure	For the first time since its inception, Érigea Loisirs has opened its capital to institutional minority investors. Bpifrance and BRED Banque Populaire have provided a mix of equity and bond financing. The strategic rationale for the deal is to fund the group's ambitious organic growth plan, which aims to double the company's size by the end of 2026
10/2025	RACETRAC	POTBELLY CORPORATION	UNITED STATES	Hospitality & Leisure	RaceTrac completed the acquisition of Potbelly Corporation on October 2025. The purchase gives RaceTrac full control of Potbelly’s 445+ sandwich shops, its franchise‑development pipeline, and its proven franchisee‑partner network, while RaceTrac pledges to preserve the Potbelly brand and its operational model
09/2025	RHONE CAPITAL	FREDDY’S	UNITED STATES	Hospitality & Leisure	Rhône have acquired Freddy’s Frozen Custard & Steakburgers from Thompson Street Capital Partners, taking full control of the brand. The deal is structured as a full‑ownership transfer, with Thompson Street fully exiting its position after a roughly five‑year hold during which the chain grew from about 400 to over 550 units and significantly improved average unit volumes, digital capabilities, and franchisee support
08/2025	FREEMAN SPOGLI	PHILZ COFFEE	UNITED STATES	Hospitality & Leisure	Freeman Spogli agreed to acquire a majority stake in Philz Coffee. This partnership makes sense because Freeman Spogli has deep experience in restaurants like El Pollo Loco, Popeyes, and First Watch, which helps Philz open new stores while keeping its unique handcrafted coffee focus
08/2025	L’OSTERIA	PIZZA PILGRIMS	UNITED KINGDOM	Hospitality & Leisure	L’Osteria (backed by McWin Capital Partners) agrees to acquire a majority stake in Pizza Pilgrims. The transaction is structured as a strategic partnership: Pizza Pilgrims will remain an independent brand, with founders Thom and James Elliot staying involved full‑time, while Gavin Smith and Sophie Gilchriest are promoted to CEO and CFO, respectively, to lead the next phase of growth
08/2025	MONTEFIORE INVESTMENT / CERES INDUSTRIES CAPITAL / CFJ (COMPAGNIE FINANCIÈRE JOUSSET)	KARAVEL	FRANCE	Hospitality & Leisure	A consortium led by Montefiore Investment has entered exclusive negotiations to acquire a majority stake in Karavel Groupe from Equistone Partners Europe. Financing for the deal is supported by a unitranche debt facility provided by Arcmont Asset Management and Alpha Wave Global
04/2025	LEONARD GREEN & PARTNERS	CRUNCH FITNESS	UNITED STATES	Hospitality & Leisure	The transaction involves the acquisition of a majority interest in Crunch Fitness by Leonard Green & Partners (LGP) from TPG Growth and other minority shareholders. This leveraged buyout marks a significant platform investment within the fitness and wellness sector, occurring after a period of substantial scale-up under previous ownership
03/2025	ADIA	EUROPEAN CAMPING GROUP (ECG)	FRANCE	Hospitality & Leisure	PAI Partners agreed to sell a significant minority stake in European Camping Group to a subsidiary of ADIA. PAI Partners retains majority ownership of the group. The transaction, officially celebrated during the 2025 "Choose France" summit, marks a new phase of development for ECG to pursue geographic diversification and organic growth
03/2025	QUATTROR / ANTHILIA CAPITAL PARTNERS	CIGIERRE	ITALY	Hospitality & Leisure	BC Partners, the existing majority owner of Cigierre, brings in QuattroR SGR and Anthilia Capital Partners as minority co‑investors through a substantial capital increase, with additional co‑investments from the company’s management and existing shareholders
02/2025	FORTRESS INVESTMENT GROUP	LOUNGERS	UNITED KINGDOM	Hospitality & Leisure	This transaction is a public-to-private leveraged buyout wherein Fortress Investment Group acquires the entire share capital of Loungers. Executed via a recommended scheme of arrangement, the operation successfully delists the target from the public stock exchange following a highly focused and competitive sale process

REFERENCES

Valuation range: EV 50M - 150M GBP

Revenue range: 25M - 50M GBP

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: verified 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: flat iron

Acquirer: mcwin capital partners