PIZZA PILGRIMS acquired by L’OSTERIA

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.

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. and international markets, build on existing franchise‑development momentum, and continue investing in innovation, operations, and digital guest experience.

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. The strategic goal of this new chapter is to bolster Karavel’s key assets, pursue an active M&A strategy, and internationalize its customer base.

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 deal supports Philz's mission by funding expansion in the specialty coffee market, where demand for personalized brews remains strong. It builds on a decade of private equity support, positioning the brand for U.S. growth and potential wholesale/digital gains.

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. The investment is designed to accelerate global footprint expansion and capitalize on the resilient consumer demand for affordable, high-quality health services. Post-deal objectives focus on further densifying presence in domestic markets while exploring untapped international territories through the recently optimized design protocols.

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. The deal is paired with a comprehensive refinancing that strengthens Cigierre’s balance sheet by reshaping its long‑term debt profile with input from both existing and new financial partners, thereby improving flexibility and reducing refinancing risk.

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). The rationale for the consolidation is rooted in Alpitour's exceptional financial recovery and structural profitability, characterized by significant revenue growth and high margins. By securing nearly full ownership, TIP and its club deal partners aim to further stabilize the group’s capital structure and capitalize on promising tourism sector tailwinds, leveraging Alpitour’s substantial asset base and market dominance to drive long-term industrial value.

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. As part of the structured agreement, existing shareholders were offered the flexible option to exchange their shares for rollover securities alongside the primary cash offer. The strategic rationale driving this major consolidation is to leverage Fortress Investment Group's profound hospitality expertise and massive capital reserves to aggressively fuel Loungers' ambitious national rollout strategy and rapidly multiply its venue portfolio.

FrenchFood Capital and Cerea Partners orchestrated a capital reorganization and equity strengthening of Boulangeries Sophie Lebreuilly. The two funds become the reference majority shareholders, working alongside the founders who remain operationally involved and invested. The deal brings in new minority backers (Sofiproteol, NextStage, etc.) to finance the continued rapid expansion of the network. The objective is to exceed 100 stores by the end of 2025 and deepen the company's ESG commitments (sourcing French wheat, rural employment).