Gresham, a UK mid-market private equity company, has backed the secondary buy-out of Town Centre Restaurants from HBoS, one of the UK’s largest banks, for £48 million (€71.4 million; $93.5 million).
Town Centre Restaurants operates in UK shopping centres and its three main brands are Café Giardino, an Italian café; Azzuro, an Italian bar and restaurant and Auberge, a French bar and restaurant.
Clydesdale Bank, a Scottish bank, provided the debt.
BDO Stoy Hayward provided financial services to HBoS. DLA Piper gave legal advice to Gresham while Deloitte provided financial services. Olswang gave legal advice to HBoS.
Previous activity in the sector includes the sale of Individual Restaurant Company in November to Bank Restaurant Group, a UK restaurant operator, for £41 million, which generated a return of 2.3 their investment.
In the last seven weeks Gresham has completed six deals. Gresham also sold Blue Group, a healthcare recruitment company, for £12 million; Whitworths, a health food supplier, for £86 million, and Target Express, a UK delivery company, for an undisclosed amount.
Gresham invests in business worth up to £100 million and focuses on support services, consumer, financial services, healthcare and pharmaceuticals and industrial products sectors.