PUBLIC INVESTMENT FUND PIF invests in ROCCO FORTE HOTELS

La Compagnie des Alpes (CDA) has finalized the acquisition of a controlling majority stake in Soccer 5 France SAS, the parent company of Urban Group, executing a strategic cross-border corporate buyout within the leisure and sports entertainment sector. The transaction architecture was executed in two coordinated stages, beginning with an immediate equity buyout at closing, supplemented by a locked-in call/put option agreement to transfer an additional stake from the management holding vehicle, Soccer 5 Evolution, later that year. The total cash consideration was funded entirely through CDA’s internal corporate treasury reserves and existing bilateral revolving credit lines, leveraging capital raised during its previous public equity issuance to ensure zero reliance on conditional external acquisition debt. The remaining minority equity stake continues to be held by the historical founders and executive team, with a structured liquidity mechanism allowing CDA to purchase the residual balance in four to five years under an identical valuation framework.

The acquisition of Sticks’n’Sushi by McWin Capital Partners is structured as a control‑oriented acquisition, with McWin securing a majority stake in the business while retaining the existing management team and brand identity. At the time of the transaction, Sticks’n’Sushi operates 27 restaurants across the UK, Denmark, and Germany , illustrating a multi‑market, mid‑market platform that has extended its footprint from its core Danish base to the UK and Germany over many years. McWin positions the transaction as a strategic add‑on to its existing restaurant portfolio, leveraging its scale, sector expertise, and cross‑brand resources to support further expansion in the UK and Germany, two markets where Sticks’n’Sushi is still relatively nascent. The sponsor highlights the resilience of Sticks’n’Sushi through recent cost headwinds, the quality of its leadership, and the structural tailwinds in the sushi category (female‑friendly, family‑friendly, and suited for business and leisure occasions). The investment underscores McWin’s opportunistic strategy: seeking high‑performing concepts and teams that can scale, with a strong emphasis on unit economics, brand strength, and leadership quality.

Shamal Holding, a Dubai-based investment firm, completed the acquisition of the remaining stake in SUSHISAMBA Group, taking full controlling interest in the global restaurant brand. This transaction represents the culmination of a decade-long partnership, as Shamal Holding had been a fifty percent owner of the brand since 2014. The strategic rationale for the acquisition is deeply rooted in Shamal's vision to expand its global portfolio of high-end hospitality and lifestyle assets. By taking full control, Shamal aims to leverage its resources and expertise to accelerate SUSHISAMBA's international growth and drive the next phase of its evolution as an iconic dining and entertainment concept. This move aligns with Shamal's broader investment strategy of cultivating extraordinary experiences that mirror Dubai's global ambition and energy. For SUSHISAMBA, the deepened commitment from its long-standing partner is expected to provide a robust platform for continued expansion into new markets and further solidify its position as a trendsetting brand in the competitive global hospitality industry. The transaction signals a new chapter of strategic growth, backed by a dedicated and well-capitalized owner.

General Atlantic acquired a majority stake in Joe & the Juice from Swedish private equity firm Valedo Partners. The deal is structured as a buy‑out of Valedo’s entire holding, which fully exits the business, while General Atlantic, which has been a minority investor since 2016, steps up to majority control. The transaction is intended to support Joe & the Juice’s international expansion, with a particular focus on the U.S. and the UK, as well as on deepening the company’s digital footprint and improving its balance‑sheet structure by reducing leverage. Since General Atlantic’s initial minority investment in 2016, Joe & the Juice has grown its store count from about 175 to more than 360 globally and increased revenue by more than fourfold, demonstrating strong underlying unit economics and category resilience. The group already operates more than 60 sites in the UK and around 70 in the U.S., with additional franchised locations in the Middle East and other regions, creating a diversified, multi‑market platform. By taking majority control, General Atlantic aims to accelerate both company‑owned and franchised store rollout, enhance brand consistency, and professionalize corporate‑governance and commercial‑roll‑out processes, leveraging its sector‑specific consumer‑investment expertise and global network.

D&D London has been acquired by a consortium consisting of Calveton and Breal Capital. The deal follows a period of financial instability for the group and includes a critical £40 million balance sheet recapitalization to facilitate future growth and investment in new sites. Unlike traditional private equity, the buyers are investing "patient money" (proprietary capital) without rigid exit horizons, focusing on the long-term preservation of the group's heritage. David Loewi, co-founder and CEO, remains a shareholder and leader of the business. The strategic rationale for the acquisition is to stabilize the group's finances after pandemic-induced losses and to provide a platform for international expansion. Calveton (owner of Byron) and Breal (owner of Vinoteca and Black Sheep Brewery) leverage their specialized hospitality expertise to professionalize the group's management, including the appointment of a Chief Advancement Officer. This transaction highlights a major consolidation trend in the premium UK dining sector, where distressed high-profile assets are rescued by specialized turnaround investors seeking to capitalize on strong brand equity and recovered post-pandemic consumer demand.

Ange Boulangerie's founders executed a significant strategic transaction by opening the company's capital to an external investor for the first time since its creation. The company sold a 35% minority stake to Lov and Bread, the food-focused investment fund of Stéphane Courbit's Lov Group. This partnership was the culmination of over a year of discussions, with the founders emphasizing that the primary driver was not financial but strategic. Their goal was to inject 'new blood' into the business to accelerate its ambitious growth plans while carefully preserving the company's operational freedom and core DNA. The new partnership is expected to provide substantial strategic value. Lov and Bread's leadership, including former McDonald's France CEO Nawfal Trabelsi, brings extensive experience in the retail and restaurant sectors, a global market perspective, and a powerful network. This expertise will be leveraged to propel Ange's development on multiple fronts: solidifying its position as a market leader in the bakery and coffee-bakery segments, accelerating the domestic rollout of its new 'Ange Coffee Shop' concept in city centers, expanding into the travel retail channel (airports, stations), and supporting its new restaurant division. The investment marks a pivotal moment, intended to transition Ange from a national leader to a major global bakery chain.

Paradies Lagardère, the North American division of Lagardère Travel Retail, executed the acquisition of Tastes on the Fly to significantly bolster its Foodservice operations across the continent. This strategic move is a cornerstone of the acquirer's ambition to become one of the largest and most respected airport restaurant operators in North America. The transaction provides Paradies Lagardère with an award-winning portfolio of restaurant concepts that are highly complementary to its existing operations. The rationale for the acquisition was heavily influenced by Tastes on the Fly's strong reputation for delivering high-quality, locally-inspired dining experiences, which aligns with Paradies Lagardère’s commitment to enhancing the airport passenger journey. For the seller, private equity firm H.I.G. Capital, the sale marked a successful exit following an investment period that began in 2017. During its ownership, H.I.G. supported the company through significant strategic growth and helped it navigate the severe downturn in the air travel industry. The deal structure ensures management continuity, with the target's experienced executive team remaining in place to facilitate a seamless integration and continue driving growth under new ownership.

McWin Capital Partners agreed to acquire a majority stake in Big Mamma Group in an leverage buy‑out operation. The founders Tigrane Seydoux and Victor Lugger retaining minority stakes and continuing as co‑CEOs and key shareholders, while a broad group of earlier investors exits the cap table. The deal simplifies the ownership structure, removesMcWin’s objective is to use the new platform to deepen Big Mamma’s presence in existing markets, enter new territories, and continue investing in immersive venue design, cuisine quality, and hospitality standards. The transaction also supports the group’s ambition to expand into Italy and the U.S. over time, turning Big Mamma into a broader international reference for premium yet accessible Italian casual dining. a large number of minority backers from prior funding rounds, and provides Big Mamma with a long‑term financial partner aligned with its international expansion ambitions. At the time of the transaction, Big Mamma operated 23 restaurants across France, the UK, Spain, Germany, and Monaco, with strong brand momentum, a high level of guest engagement, and a proven format that can be replicated in major European urban centers.

Authentic Restaurant Brands, a Garnett Station portfolio company, agreed to acquire Fiesta Restaurant Group, Inc. for $8.50 per share in cash, taking Pollo Tropical private. The all-cash deal, unanimously approved by Fiesta's board via special committee, includes a 30-day go-shop and awaits shareholder vote, HSR clearance, closing Q4 2023. Fiesta chose ARB for cultural fit with regional icons like Primanti Bros, providing resources for Pollo Tropical's Florida stronghold while retaining Miami HQ and leadership. Timing follows operational improvements, positioning the brand for growth amid fast-casual consolidation; ARB's restaurant/digital expertise accelerates franchise support and guest experience.

Toridoll Holdings Corporation, in partnership with the restaurant-specialist private equity firm Capdesia, has completed the acquisition of The Fulham Shore (Franco Manca and The Real Greek restaurant brands). The transaction was executed via a UK Scheme of Arrangement, where Fulham Shore stockholders received 14.15p per share in cash, representing a 35% premium over the undisturbed share price. Capdesia, which has a minority stake in Wasabi, acted as the "local buddy" for the transaction and maintains an option to acquire up to 49% of the purchasing subsidiary. The strategic rationale for the deal centers on accelerating the domestic and international growth of Franco Manca and The Real Greek, leveraging Toridoll’s massive global resources and Capdesia’s regional expertise. Following the acquisition, Fulham Shore was delisted from the London Stock Exchange (AIM), transitioning into a privately held subsidiary. The merger aims to capitalize on the resilient performance of the target's brands despite inflationary pressures, with plans to expand the restaurant footprint in Europe and push further into retail channels.