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Morning Briefing for pub, restaurant and food wervice operators

Mon 18th Jan 2016 - Equistone buys majority stake in Gaucho Holdings
Equistone buys majority stake in Gaucho Holdings: Equistone Partners Europe has acquired a majority stake in Gaucho Holdings, the restaurant group operating two brands, Gaucho and CAU, in a deal understood to be worth more than £100m. The buyout is Equistone’s sixth investment from its Fund V. Gaucho offers fine dining with an emphasis on authentic, high quality, Argentinian steaks and an extensive wine list. It has 14 restaurants in the UK and three international restaurants, one in each of Buenos Aires, Dubai and Hong Kong. CAU focuses on cuisine from Buenos Aires and has grown rapidly since its launch in 2010, currently operating 16 outlets across the UK as well as one in Amsterdam. Equistone acquired its stake in the business from ICG, which invested in the business in 2007. Equistone will work closely with Gaucho Holdings’ chief executive Zeev Godik, who founded the business in 1976, and senior management in expanding the footprint of both Gaucho and CAU in the UK and internationally. Dominic Geer and Joyce Church from Equistone will join the board of the group. Godik said: “We’re delighted to welcome Equistone to the business and look forward to working with them closely as we execute our ambitious growth strategy. Their investment will provide us with the firepower and expertise necessary to expand our restaurant footprint whilst continuing to deliver an outstanding dining experience for our customers.” Church, partner at Equistone, said: “The group is a fantastic addition to the Equistone portfolio and cements our position as one of the leading investors in the UK’s thriving consumer sector. The business’s commitment to delivering outstanding customer service coupled with its clearly defined proposition ensures it is well placed to continue gaining market share in an exciting marketplace.” Gaucho Holdings reported that Ebitda before pre-opening costs rose to £11m in the year to 31 December 2014, up from £9.9m the year before. Company sales rose 11% to circa £61m, up from £55.5m the year before. Finance director Gary Mann said both the sales and Ebitda growth was driven primarily by the expansion of CAU UK with Gaucho continuing to trade in line with expectations.


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