KHARIS CAPITAL takes majority stake in O'TACOS CORPORATION

In a definitive move to consolidate the Mediterranean fast-casual segment, Cava Group has agreed to acquire Zoe’s Kitchen. The deal is structured as a public-to-private (P2P) acquisition. This merger will create a combined entity with 327 restaurants across 24 states, establishing the clear market leader in the category.The acquisition is being financed through a substantial equity investment led by Act III Holdings, the investment vehicle of Ron Shaich (founder of Panera Bread), with participation from The Invus Group and existing Cava investors. This transaction effectively serves as a strategic turnaround play; Cava intends to apply its superior digital infrastructure and innovation-led management style to the extensive physical footprint of Zoe’s Kitchen, which had recently struggled with declining same-store sales and net losses.

European restaurant operator AmRest has completed the acquisition of Sushi Shop Group, a prominent sushi restaurant chain with a significant presence in France. This transaction is part of AmRest's broader European expansion strategy, aimed at bolstering its position in the food service market. As the owner of KFC, Pizza Hut, and Starbucks franchises in Europe and Russia, AmRest also operates its own brands in Spain and France. Sushi Shop, headquartered in Paris, has a footprint in 11 countries, including Spain, the UK, and Italy, with 165 locations, of which approximately one-third are operated by franchisees. In 2017, Sushi Shop generated revenues of over €200 million, with 72% of sales coming from France, and a business model largely centered on delivery and take-out, which account for 87% of sales. As part of the deal, Sushi Shop founder Grégory Marciano will retain his leadership role and receive a capital payment of €13 million from AmRest. This transaction marks the exit of Naxicap Partners, which has been the majority shareholder of Sushi Shop since 2011, and enables AmRest to continue its European expansion, with plans to open over 300 new locations this year. The operation should allow AmRest to reach +€1.4Bd of revenues in 2018 vs €1.2Bd in 2017.

JAB acquired a majority stake in Pret A Manger from Bridgepoint and other minority shareholders in May 2018. The transaction value the company above £1.0b including debt, with Pret shareholders and employees benefiting from the change in ownership. The deal followed more than a decade of Bridgepoint ownership and gave JAB control of one of the U.K.'s best-known ready-to-eat food chains. The strategic rationale was to add a premium, high-frequency food and coffee brand to JAB's expanding consumer platform. Pret brought a strong U.K. core, a growing international footprint, and a menu centered on freshly prepared sandwiches, salads, wraps, and beverages. JAB saw Pret as a natural complement to its existing coffee and foodservice holdings, giving it another branded concept with cross-market expansion potential and strong consumer loyalty. The company’s emphasis on quality ingredients and prepared-in-shop offerings aligned with JAB’s broader interest in premium, margin-rich consumer businesses.

Equistone Partners Europe finalized the acquisition of a majority stake in the Karavel-Promovacances and Fram groups from LBO France. The transaction was structured through a €30 million investment, providing the group with the strategic liquidity required to complete its financial recovery. This transaction represents a strategic transition from one financial sponsor to another, avoiding a trade sale to an industrial giant that might have triggered heavy restructuring. The deal involves significant management reinvestment, with the co-founders and CFO maintaining a key role in the capital structure. The primary objective is to complete Fram’s financial recovery and celebrate its 70th anniversary in 2019 with a return to profitability. At the acquisition date, the combined entities represented a turnover of €507 million.

Ontario Teachers' Pension Plan (OTPP) acquired a 40% minority stake in European Camping Group from Montefiore Investment and the management team. Montefiore Investment, which originally took the company private in 2014, remains the majority shareholder. This partnership aims to provide ECG with the long-term capital necessary to accelerate its international build-up strategy and consolidate its leadership position in the fragmented European campsite market.

Apollo Global Management completed its acquisition of Qdoba Restaurant Corp. from Jack in the Box in March 2018 after a definitive agreement announced in December 2017. The all-cash transaction valued the fast-casual Mexican chain at a significant premium and was funded by Apollo funds, with Qdoba becoming a privately held portfolio company after closing. Jack in the Box used the proceeds to reduce debt and further shift toward a more capital-light business model centered on its core burger brand. he strategic rationale was to separate Qdoba from Jack in the Box and give the chain a dedicated owner focused on its next phase of growth. Qdoba brought a recognizable Mexican fast-casual concept with more than 700 restaurants, strong systemwide sales, and a large footprint across the U.S. and Canada. Apollo saw an opportunity to support the brand through operational investment, menu development, franchise expansion, and improved positioning in a highly competitive category. At the time, Qdoba was the second-largest fast-casual Mexican chain in the United States, but it had been under pressure from weaker same-store sales, creating a clear case for active ownership and performance improvement.

Arby's Restaurant Group completed the acquisition of Buffalo Wild Wings and simultaneously launched Inspire Brands as a new multi-brand restaurant platform. Following closing, Buffalo Wild Wings continued to operate as an independent brand within the Inspire structure, with its management team remaining in place to support continuity and execution. The strategic rationale was to create a diversified restaurant company with scale across multiple occasions and channels, rather than relying on a single concept. Buffalo Wild Wings added a strong casual dining and sports bar brand to Arby's sandwich-led portfolio, giving Inspire exposure to a different customer segment, a more social dining format, and a brand with national awareness and meaningful growth potential. The deal also allowed the combined group to leverage shared expertise in franchising, marketing, digital capabilities, and procurement, while preserving the operating identity of each brand. At the time of launch, Inspire oversaw more than 4,600 company-owned and franchised restaurants across 14 countries, with combined 2017 global system sales above $7.6 billion.

Permira acquired a controlling stake in La Piadineria from the specialized fund Idea Taste of Italy (managed by Dea Capital Alternative Funds). The high valuation reflects the intense competition during the auction (bidders included Bain, Carlyle and L Catterton). The seller reinvested to keep a minority stake (10%) alongside the management team. The deal aims to accelerate store openings in Italy and establish a presence in European markets, starting with France (Nice and Marseille).

Leonard Green & Partners (LGP) has entered into a binding agreement to acquire a controlling interest in Pure Gym from CCMP Capital Advisors. This secondary buyout marks the complete exit for CCMP, which had held a majority stake since May 2013. The acquisition is a strategic entry for LGP into the UK fitness market, leveraging its extensive track record and expertise in the leisure and retail sectors. For Pure Gym, the partnership with LGP provides a new capital partner to fuel the next phase of its growth momentum following its successful rise to the top of the UK market. The deal values the company at a significant premium, reflecting its status as a market leader with nearly 1 million members and 189 operational sites. From a transaction facts perspective, the deal was supported by a $9.6 billion fund (Green Equity Investors VII), underscoring LGP's capacity for large-scale consumer service buyouts. This change in sponsorship signals a continued institutional belief in the scalable, low-cost "no-frills" fitness model and positions Pure Gym for potential future internationalization under Los Angeles-based ownership.

UK-based private equity firm TDR Capital entered into exclusive negotiations to acquire Buffalo Grill in a tertiary leveraged buyout from a consortium of financial sponsors, including majority shareholder Abénex Capital, NiXEN Partners, and Céréa Partenaire. TDR Capital secured the deal pre-emptively by submitting a swift, firm, all-cash offer within a two-week timeframe, which allowed it to bypass a formal auction process being prepared by advisor DC Advisory. This decisive bid outmaneuvered other interested parties, including Mexican strategic buyer Alsea. TDR Capital's rationale for the acquisition is to accelerate Buffalo Grill's growth. The strategy involves further expanding the restaurant footprint, with management identifying a potential for at least 60 additional locations. TDR also plans to enhance the company's digital capabilities to optimize pricing and improve margins. Furthermore, the acquisition positions Buffalo Grill as a platform for potential consolidation within the French restaurant sector, with the new ownership structure enabling it to pursue strategic bolt-on acquisitions. The transaction was subject to customary conditions, including consultation with employee representatives and approval from the French competition authority.