The Fulham Shore acquired by Toridoll Holdings Corporation / Capdesia Group

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

Context

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.

The Fulham Shore, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

The Fulham Shore PLC is a prominent UK-based casual dining operator, recognized for its two core high-street brands: Franco Manca and The Real Greek. Founded in 2012 and headquartered in London, the company specializes in the expansion and management of "value-for-money" dining concepts. Franco Manca, known for its authentic Neapolitan sourdough pizzas, has grown from a single Brixton market stall to a national chain with over 70 locations. The Real Greek offers a contemporary take on traditional Eastern Mediterranean cuisine with approximately 27 sites. The firm’s business model is centered on high-quality, fresh ingredients and accessible pricing, which has enabled it to maintain strong trading volumes even during challenging economic cycles. Operating nearly 100 outlets across the UK, Fulham Shore also explores retail opportunities, such as readymade pizza products for grocery stores. The company's value proposition is driven by a focus on "provenance and simplicity," appealing to a broad demographic of urban consumers and families.

Ent. Value

£50–150M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with Toridoll Holdings Corporation / Capdesia Group

Other operations with Toridoll Holdings Corporation / Capdesia Group
Date	Acquirer	Target	Country	Sector
06/2026	QUADRIVIO GROUP / CAPDESIA GROUP	ALICE PIZZA	ITALY	Restaurants / Chains
10/2019	CAPDESIA GROUP	WASABI SUSHI BENTO	UNITED KINGDOM	Restaurants / Chains

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REFERENCES

Valuation range: EV £50–150M

Revenue range: £50–100M

EBITDA range: £5–25M

EV/Revenue range: 1x - 3x

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 Fulham Shore by Toridoll Holdings Corporation / Capdesia Group 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 fulham shore

FAQ

What transaction does this page cover?

This page covers the acquisition of 100% of The Fulham Shore, a British company specialised in Hospitality, by Toridoll Holdings Corporation and Capdesia Group in 2023.

How was the acquisition of The Fulham Shore by Toridoll Holdings Corporation 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 1x - 3x range. Exact figures are available to members.

What were The Fulham Shore’s revenue and EBITDA at the time of the deal?

At the time of the transaction, The Fulham Shore generated annual revenue estimated in the £50–100M range and EBITDA in the £5–25M bracket (FY 2022). 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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