The Evolv Collection acquired by Calveton / Breal Capital

UNITED KINGDOM Hospitality & Leisure / Hospitality / Restaurants / Chains EV £50–150M

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 [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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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

£50–150M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2023

2022

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Date	Acquirer	Target	Country	Sector
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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
04/2023	HYATT	MR & MRS SMITH	UNITED KINGDOM	Travel Agencies

REFERENCES

Valuation range: EV £50–150M

Revenue range: £100–200M

EBITDA range: £5–25M

EV/Revenue range: below 1.5x

EV/EBITDA range: 10x - 18x

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

FAQ

What transaction does this page cover?

This page covers the acquisition of 100% of The Evolv Collection, a British company specialised in Hospitality, by Calveton and Breal Capital in 2023.

How was the acquisition of The Evolv Collection by Calveton valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the £50–150M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were The Evolv Collection’s revenue and EBITDA at the time of the deal?

At the time of the transaction, The Evolv Collection generated annual revenue estimated in the £100–200M range and EBITDA in the £5–25M bracket (FY 2023). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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