FLAT IRON acquired by MCWIN CAPITAL PARTNERS

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. This expansion includes doubling its surface area to 60,000 sqm through flagship openings in Cergy, Levallois, Gaité 2, and Montmartre. The funding allows Érigea to maintain its pace of high-quality site development while securing long-term partners who share the management’s vision of asset ownership and sustainable leisure development

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. The integration is designed to capture synergies across real‑estate selection, franchising best practices, food innovation, operations and marketing, with Potbelly adding a fast‑casual, made‑to‑order foodservice platform to RaceTrac’s convenience and fuel network and reinforcing the group’s move toward more frequent, higher‑ticket food‑driven visits

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. Rhône, known for its transatlantic‑style, buy‑and‑build playbook in consumer and restaurant assets (including the earlier take‑private and subsequent sale of Fogo de Chão), intends to support Freddy’s expansion into new U.S...

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. L’Osteria intends to use its experience in Italian casual dining, multi‑country operations, and supply chain / site‑roll‑out knowledge to support Pizza Pilgrims’ “measured expansion” in the UK and its international ambitions in Europe, including potential new markets and additional sites

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. Management, led by Cyrille Fradin and Folco Aloisi, will retain a significant equity stake. This deal follows a seven-year holding period by Equistone, during which the group survived the COVID-19 pandemic thanks to a €30M equity injection

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. Philz picks Freeman for their track record in consumer growth and collaborative style, especially as the company plans more cafes over the next two years without closing any locations. Customers and staff benefit from job security, same pay and benefits, promotion paths, and even thank-you bonuses

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. The strategic rationale for LGP is predicated on the target's robust business fundamentals, including its successful hybrid model of corporate and franchised locations which offers significant operational leverage

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. The transaction is structured as a minority growth‑equity and refinancing package: funds advised by BC Partners retain majority control, while QuattroR and Anthilia provide fresh equity capital to support Cigierre’s next‑phase expansion plan and to optimize the group’s long‑term capital structure

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. The investment by ADIA reportedly totaling EUR600 million for the stake—underscores the attractiveness of the outdoor hospitality sector and ECG's position as its leading pan-European platform

TIP, through its controlled vehicle Asset Italia 1 srl, has exercised its right of pre-emption to acquire an additional 36.02% stake in Alpitour from Dal 1802. This strategic maneuver follows the suspension of a formal sale process initiated in 2023, as the shareholders elected to consolidate control rather than exit to external bidders. The transaction allows Asset Italia to increase its total shareholding in the tour operator to approximately 94.6% (and up to 95.3% depending on co-sale rights)