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 LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.4x).

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