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09/2021Majority

Bain Capital takes majority stake in Gail’s

UNITED KINGDOM Hospitality & Leisure / Hospitality / Restaurants / Chains REV £100–200M

Context

Bain Capital, in partnership with EBITDA Investments, has acquired a controlling stake in Bread Holdings from Risk Capital Partners (RCP) and other shareholders. The strategic rationale is to capitalize on GAIL’s post-pandemic sales rebound and its proven "neighborhood" model, which saw profitability hit record levels despite the UK’s lockdowns. Luke Johnson, the outgoing majority owner, rolled over a 15% stake to remain on the Board, ensuring leadership continuity alongside CEO Tom Molnar. The investment is intended to fund a rapid expansion plan to increase the bakery network from 73 to over 100 sites within three years. Notably, part of the proceeds was distributed to nearly 2,000 employees, reflecting the group’s culture-driven approach to value creation.

Gail’s, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the Retail & Consumer sector (12.7x in 2021).

-> Deep-dive in Retail & Consumer market trends

Target

Bread Holdings is a premier British hospitality group operating the upmarket artisan bakery chain GAIL’s Bakery and the wholesale specialist The Bread Factory. The business model is vertically integrated, combining high-volume craft production with premium retail and B2B distribution. The company's value proposition centers on "chef-quality" craft baking, specializing in additive-free sourdough breads, pastries, and specialty coffee. Strategically, the group focuses on neighborhood-centric retail expansion, moving away from industrialized food production to provide a high-quality alternative to the mass market. At the time of the deal, the group operated 73 retail sites with a significant wholesale arm serving top chefs, premium grocery players, and high-end hospitality venues across the UK.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (GBP)

Year
Rev
EBITDA
EBIT
2021
£100–200M
[members only]
[members only]
2020
£100–200M
[members only]
[members only]

Other operations with Bain Capital

Other operations with Bain Capital
DateAcquirerTargetCountrySector
08/2026BAIN CAPITALGONG CHA GROUPTAIWANRestaurants / Chains
07/2026BAIN CAPITALVITABIOTICSUNITED KINGDOMNutrition & Dietary Supplements
07/2026BAIN CAPITALSUPPLYONGERMANYSupply Chain & Ops
07/2026BAIN CAPITALEATON FIBERUNITED KINGDOMInfrastructures
06/2026BAIN CAPITALFINETODAYJAPANHygiene & Beauty Brands
06/2026BAIN CAPITALFDH AEROUNITED STATESIndustrial & Technical Distribution
06/2026BAIN CAPITALEVERLLENCEGERMANYEngines & Systems
04/2026BAIN CAPITALPOSITEC GROUPCHINAHome & DIY
03/2026BAIN CAPITALPERPETUAL WEALTH MANAGEMENTAUSTRALIAWealth & Asset Management
03/2026BAIN CAPITALTINGSTADSWEDENHospitality Supplies

Similar deals in Hospitality & Leisure

Similar deals in Hospitality & Leisure
DateAcquirerTargetCountrySector
10/2021ACCOR HOTELSSBE ENTERTAINMENT GROUPUNITED STATESHotels & Accommodation
10/2021PAI PARTNERSEUROPEAN CAMPING GROUP (ECG)FRANCEHotels & Accommodation
08/2021HYATTAPPLE LEISURE GROUPUNITED STATESHotels & Accommodation
07/2021FAT BRANDSGLOBAL FRANCHISE GROUPUNITED STATESRestaurants / Chains
04/2021INFRAVIA CAPITALSANDAYAFRANCEHotels & Accommodation
03/2021BLACKSTONE / STARWOOD CAPITAL GROUPEXTENDED STAY AMERICAUNITED STATESHotels & Accommodation
09/2020BUFFALO GRILLCOURTEPAILLEFRANCERestaurants / Chains
09/2020VENDIS CAPITALPOKAWAFRANCERestaurants / Chains
07/2020TOWERBROOKAZZURRI GROUPUNITED KINGDOMRestaurants / Chains
02/2020TUI CRUISESHAPAG-LLOYD CRUISESGERMANYHotels & Accommodation

REFERENCES

Revenue range: REV £100–200M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Gail’s by Bain Capital 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.

Press release: view release

Acquirer: bain capital

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Gail’s, a British company specialised in Hospitality, by Bain Capital in 2021.

What was Gail’s’s revenue at the time of the deal?

At the time of the transaction, Gail’s’s annual revenue was estimated within the £100–200M range (FY 2021). Detailed financial figures are available to members.

How does the valuation of Gail’s compare to benchmarks in the Retail & Consumer sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 12.7x EBITDA during 2021.

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.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.