Mcwin Capital Partners takes majority stake in L’osteria

GERMANY Hospitality & Leisure / Hospitality / Restaurants / Chains EV €300–700M

Context

The McWin Restaurant Fund agrees to acquire a majority stake in L’Osteria. The transaction is structured as a control‑buyout in which founders Klaus Rader and Friedemann Findeis remain significant minority shareholders, alongside CEO Mirko Silz and the existing management team, ensuring continuity of leadership and brand identity. The investment is one of the flagship deployments of the McWin Restaurant Fund, underlining McWin’s conviction in the European casual‑dining sector despite near‑term macro headwinds. The partnership aims to accelerate L’Osteria’s expansion in Germany, further densify the DACH footprint, and push the concept into additional European markets, leveraging McWin’s in‑house expertise, capital, and restaurant‑platform capabilities. The deal is expected to close in Q1 2023, subject to customary regulatory approvals, and is advised on the buy‑side by Bryan Cave Leighton Paisner (legal) and KPMG (financial), while the L’Osteria side uses Ferber & Co and Deutsche Bank (M&A), Dechert LLP (legal), and PwC and Steiner & Partner (tax and financial).

L’osteria, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of [members only].

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Target

L’Osteria is a leading German‑based casual dining group specializing in high‑quality, affordable Italian food, founded in 1999 by current shareholders Klaus Rader and Friedemann Findeis. The group operates under the positioning of a “nice Italian next door” but with a scalable, replicable restaurant format that combines fresh pasta, pizza, and Italian dishes in a warm, family‑oriented, “La Famiglia”‑driven environment. At the time of McWin’s investment, L’Osteria ran 157 restaurants across 8 European markets (primarily DACH, plus the UK, France, Luxembourg, the Netherlands, and the Czech Republic) and a strong brand‑recognition footprint in Germany as the clear market leader in Italian‑themed casual dining.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with L’osteria

Other operations with L’osteria
Date	Acquirer	Target	Country	Sector
08/2025	L’OSTERIA	PIZZA PILGRIMS	UNITED KINGDOM	Restaurants / Chains

Other operations with Mcwin Capital Partners

Other operations with Mcwin Capital Partners
Date	Acquirer	Target	Country	Sector
09/2025	MCWIN CAPITAL PARTNERS	FLAT IRON	UNITED KINGDOM	Restaurants / Chains
02/2024	MCWIN CAPITAL PARTNERS	STICKS’N’SUSHI	DENMARK	Restaurants / Chains
09/2023	MCWIN CAPITAL PARTNERS	BIG MAMMA	FRANCE	Restaurants / Chains

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01/2023	FLIGHT CENTRE TRAVEL GROUP	SCOTT DUNN	UNITED KINGDOM	Tour Operators
08/2022	MTY FOOD GROUP	BBQ HOLDINGS	UNITED STATES	Restaurants / Chains
07/2022	COMPAGNIE DES ALPES	MMV	FRANCE	Hotels & Accommodation
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07/2022	ACCOR HOTELS	PARIS SOCIETY	FRANCE	Restaurants / Chains
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06/2022	BLUEGEM CAPITAL PARTNERS	FOODBOX	SPAIN	Restaurants / Chains

REFERENCES

Valuation range: EV €300–700M

Revenue range: €150–250M

EV/Revenue range: 1x - 3x

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

Target: l’osteria

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in L’osteria, a German company specialised in Hospitality, by Mcwin Capital Partners in 2023, structured as a leveraged buyout (LBO).

How was the acquisition of L’osteria by Mcwin Capital Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What was L’osteria’s revenue at the time of the deal?

At the time of the transaction, L’osteria’s annual revenue was estimated within the €150–250M range (FY 2022). Detailed financial figures are available to members.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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