At what enterprise value was THE EVOLV COLLECTION acquired in 2023?

During the acquisition of THE EVOLV COLLECTION by CALVETON / BREAL CAPITAL in 2023, the transaction's Enterprise Value is estimated to be in the range of 50M - 150M GBP.

What was the EV/EBITDA of THE EVOLV COLLECTION when it was acquired by CALVETON / BREAL CAPITAL?

The estimated EV/EBITDA multiple for THE EVOLV COLLECTION is in the range of 10x - 18x.

What was the revenue of THE EVOLV COLLECTION at the time of the deal?

The revenue of THE EVOLV COLLECTION at the time of the deal is estimated to be in the range of 100M - 200M GBP.

What was the EBITDA of THE EVOLV COLLECTION during the acquisition?

THE EVOLV COLLECTION's EBITDA is estimated to be in the range of 5M - 25M GBP.

How is the data for the THE EVOLV COLLECTION acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the THE EVOLV COLLECTION deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.thisismoney.co.uk/money/markets/article-12637025/Trendy-restaurants-owner-D-D-London-sold-private-investors-60m.html

← DATABASE

Home Database Retail & ConsumerTHE EVOLV COLLECTION

10/2023

THE EVOLV COLLECTION acquired by CALVETON / BREAL CAPITAL

UNITED KINGDOM Hospitality & Leisure / Hospitality / Restaurants / Chains EV 50M - 150M GBP

Context

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.

THE EVOLV COLLECTION, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.0x).

-> Deep-dive in Retail & Consumer market trends

Target

The Evolv Collection (ex D&D London) is a prestigious global restaurant group operating a portfolio of approximately 40 high-end restaurants, bars, and a luxury hotel (in 2023). Originally founded in 1991 by Sir Terence Conran as Conran Restaurants, the company was rebranded in 2006 and is known for iconic venues such as Quaglino’s, Bluebird Chelsea, Coq d’Argent, and German Gymnasium. Its business model centers on "fine dining as an experience," combining culinary excellence (including Michelin-starred Angler) with landmark architectural locations in major cities including London, Manchester, New York, and Paris. The group targets high-net-worth individuals and corporate clients, offering a diverse range of concepts from classic French brasseries to trendy rooftop bars. The group’s value proposition lies in its ability to curate "memorable experiences" through high-quality food and distinctive restaurant identities, maintaining a dominant presence in the premium segment of the UK hospitality market.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2023

2022

Similar deals in Hospitality & Leisure

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
12/2023	PUBLIC INVESTMENT FUND PIF	ROCCO FORTE HOTELS	UNITED KINGDOM	Hotels & Accommodation
11/2023	GENERAL ATLANTIC	JOE & THE JUICE	DENMARK	Restaurants / Chains
10/2023	LOV GROUP	ANGE BOULANGERIE	FRANCE	Restaurants / Chains
09/2023	MCWIN CAPITAL PARTNERS	BIG MAMMA	FRANCE	Restaurants / Chains
09/2023	PARADIES	TASTES ON THE FLY	UNITED STATES	Restaurants / Chains
08/2023	RESTAURANT BRANDS	FIESTA RESTAURANT	UNITED STATES	Restaurants / Chains
07/2023	TORIDOLL HOLDINGS CORPORATION / CAPDESIA GROUP	THE FULHAM SHORE	UNITED KINGDOM	Restaurants / Chains
06/2023	AZZURRI GROUP	BOOJUM	Ireland	Restaurants / Chains
05/2023	PAI PARTNERS	LOOPING GROUP	FRANCE	Leisure Facilities
02/2023	ADAMANTEM CAPITAL	RETAIL ZOO	AUSTRALIA	Restaurants / Chains

REFERENCES

Valuation range: EV 50M - 150M GBP

Revenue range: 100M - 200M GBP

EBITDA range: 5M - 25M GBP

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of THE EVOLV COLLECTION by CALVETON / BREAL CAPITAL 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: the evolv collection

Acquirer: breal capital / calveton