Private Equity News & Analysis

TDR in exclusive talks for Luminar bars

The UK buyout firm is moving from restaurants with the planned sale of its stake in Gondola to late-night bars with possible acqusition of Luminar’s unwanted Jumpin’ Jaks and Chicago Rock chains.

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TDR Capital, a UK mid market buyout firm, is reported to be in exclusive talks to buy the struggling entertainment division of Luminar, a quoted UK nightclub operator.

TDR: in  talks for Jumpin’ Jaks

According to UK newspaper Financial Times, TDR has beaten off competition from two other private equity groups interested in buying Luminar’s Jumpin’ Jaks and Chicago Rock bars.

TDR agreed to sell its stake in Gondola, the owner of PizzaExpress and ASK restaurants chain, to Cinven two weeks ago.

The newspaper said the two businesses had a book value of about £110 million (€163 million; $207 million).

However, the unnamed source said talks were at an early stage and the prospects of agreeing a deal to buy the 74 sites, which were put up for sale in May, remain uncertain.