POKAWA
Acquired by
VENDIS CAPITAL
POKAWA acquired by VENDIS CAPITAL
Context
Vendis Capital, a Belgian private equity fund, has taken a minority stake in the fast-casual restaurant chain Pokawa to accelerate its ambitious growth strategy. The founders, Maxime Buhler and Samuel Carré, selected Vendis Capital from a pool of twelve potential investors, citing a strong alignment on the company's vision and development path. The transaction provides Pokawa with the financial resources to pursue its goal of becoming the European, and ultimately global, leader in the poké bowl market segment. The strategic plan fueled by this investment includes a significant expansion of its restaurant footprint, with a target of reaching one hundred locations by 2024. This growth will be achieved through a combination of organic expansion by densifying its network in France, as well as potential external growth through acquisitions. The capital injection also supports international expansion into new European markets such as Germany, Spain, and Switzerland, and product line diversification, including launching new offerings aimed at families. A portion of the investment facilitated a partial cash-out for the founders, who will retain operational control of the business and continue to lead its expansion.
POKAWA, which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.4x).
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Target
Pokawa is a French fast-casual restaurant chain specializing in Hawaiian-inspired poké bowls. Founded in July 2017 by Maxime Buhler and Samuel Carré, the company has rapidly established a strong brand presence by capitalizing on consumer demand for healthy, customizable, and balanced meal options. The core offering consists of bowls with a base of rice, topped with marinated raw fish, fresh vegetables, and fruits. The business operates a hybrid model, combining physical restaurant locations with a significant digital footprint, leveraging major third-party food delivery platforms to reach a wide customer base. This digital-first approach was integral to its initial growth and market penetration. By 2019, one of its dishes was recognized as the most-sold item globally on the Deliveroo platform, highlighting its popularity. As of September 2020, the company's network included 27 points of sale, a mix of company-owned and franchised units, across France and internationally in Belgium, Luxembourg, and Colombia. The company employed a team of approximately 220 people at that time, supporting its retail and digital operations. Pokawa positions itself as a modern, accessible, and health-conscious food brand within the quick-service restaurant industry.
Ent. Value
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Equity Value
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Multiples
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with POKAWA
REFERENCES
Revenue range: 10M - 30M EUR
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Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: pokawa
Acquirer: vendis capital