Sat 4th Jul 2020 - Exclusive – Tnui Capital to take control of Busaba Exclusive – Tnui Capital to take control of Busaba: Tnui Capital, the London-based private equity firm, has reached an agreement to acquire Busaba, the Thai chain founded by Alan Yau, Propel has learned. Tnui, which is a turnaround specialist company led by Bryan Green, is believed to have beaten a bid from a rival group led by Leon co-founder and chief executive John Vincent to back 13-strong, London-based Busaba. Propel understands Tnui will provide capital to fund the future plans of the business, which will continue to be led by managing director Terry Harrison, and provide it with the opportunity to come through the current challenges created by covid-19. The deal sees Muzinich, the New York-based fixed-income specialist, which acquired a controlling stake in Busaba last July, leave the business. The US company provided the then 14-strong group with a private debt deal of circa £16m in summer 2016. It then upped its stake in Busaba in 2017, securing a debt-for-equity swap and taking a significant minority stake in the business. Last year’s acquisition of a controlling stake in the company saw Phoenix Equity Partners relinquish control of a business it first backed in 2008, with a £21.3m management buyout of then three-strong brand. Propel revealed in April that Busaba had appointed KPMG to help it assess options, which if new investment hadn’t come forward could have included a restructuring of the business and a possible company voluntary arrangement. Turnaround specialist company RCapital, the former backer of Little Chef, was also believed to have run the rule over Busaba.