TASTES ON THE FLY acquired by PARADIES

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

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

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

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

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

Azzurri Group acquired a controlling interest in the Irish-based Mexican restaurant chain Boojum from its previous majority owner, private equity firm Renatus Capital Partners. This strategic transaction marks Azzurri's entry into a new cuisine category, diversifying its portfolio beyond its established Italian brands like Zizzi and ASK Italian. The acquisition is intended to target the rapidly growing Mexican fast-casual segment and appeal to a younger demographic. For Azzurri, the deal provides an established and popular brand with a devoted customer base, serving as a platform for expansion into the Great Britain market

PAI Partners has signed a definitive agreement to acquire a 75% majority stake in Looping Group from Mubadala Capital and Bpifrance. This transaction marks the fourth leveraged buyout for the group. The founding management team will retain a 25% minority interest and continue to lead the group’s ambitious growth strategy. The deal was supported by a 250 million euro unitranche financing package provided by Hayfin, representing a leverage multiple of approximately 4.5x EBITDA. The strategic rationale for the new partnership is to double the company’s size over the next five years through a combination of organic development and continued cross-border acquisitions, with a particular focus on strengthening the group’s footprint in Southern Europe

Adamantem Capital acquired a 70% majority stake in Retail Zoo from Bain Capital. The transaction is structured as a mid‑market buyout through Adamantem’s second mid‑market fund, with the remaining 30% ownership retained by the existing management and founder‑shareholders, including Retail Zoo CEO Nishad Alani and founder and chair Janine Allis. Retail Zoo operates more than 750 stores across Australia and overseas under brands such as Boost Juice and Betty’s Burgers. Adamantem plans to reinvest in the group’s expansion, including further growth of Boost’s juice and smoothie‑bar footprint and Betty’s Burgers’ casual‑dining network, while also enhancing data‑driven customer insight, loyalty programs, and ESG frameworks

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

Flight Centre Travel Group has agreed to acquire Scott Dunn from private equity firm Inflexion. The acquisition provides Flight Centre with a scalable entry point into the UK and US luxury travel markets. Flight Centre funded the deal through a �102 million equity raise underwritten by Macquarie and UBS, plus existing cash. This marks a successful exit for Inflexion, which had owned Scott Dunn since 2014 and supported its expansion into the US and Asia via acquisitions (Aardvark Safaris, Country Holidays)