Bridgepoint, CVC make partial Parisa exit

The two UK private equity firms have sold Parisa Café Bars to Slug & Lettuce bar owners SFI Group.

Bridgepoint Capital and CVC Capital Partners have sold part of the Parisa business they bought from UK brewer Greenalls in 1997 to bar owner and developer SFI Group for £15m.

A source close to Bridgepoint said that the business that has been sold was set up after the 1997 investment and represents only a part of the Parisa operation. The two firms had paid £56m then for the entire business.

SFI are buying 28 Parisa Café Bars in order to extend the Slug & Lettuce brand of bar the group owns, with many of the acquired sites set to be converted to this successful format.

As the UK pub sector continues to restructure and consolidate, private equity firms remain ready participants in purchases that are based on buy-and-build and roll-up strategies. SFI itself has been closely monitored as it grows its business and it is reported that the Bridgepoint/CVC sale had attracted the interest of several other private equity firms.