TGI Friday’s off the menu for €72m

AAC Capital has booked a 3.8x return on its investment in restaurant chain TGI Friday’s UK, which it made while still captive at ABN AMRO.

AAC Capital Partners has sold its stake in restaurant chain TGI Friday’s UK, achieving a 3.8x multiple on its original investment.

The European mid-market private equity firm owned a 60 percent stake in the company, which it sold to TGI’s parent company Carlson Restaurants Worldwide for €72 million.

TGI Friday's:  3.8x  for AAC

Carlson had partnered with AAC in March 2007 to acquire the restaurant chain from UK hospitality company Whitbread. The deal was worth €84 million, with AAC – which, at the time was ABN AMRO’s private equity arm – owning 60 percent and Carlson the remaining 40 percent, including an exclusivity option to buy out AAC’s stake.

TGI more than doubled its EBITDA during AAC’s ownership, the firm said in a statement.

Made up of the former Dutch, Nordic and UK buyout teams of ABN AMRO Capital, AAC specialises in mid-market buyouts in the €50 – 500 million deal range within the consumer, industrial and services sectors.