Electra acquires TGI Fridays in £225m deal

According to The Telegraph, the deal values the business at around £225m. TGI’s management team, led by Karen Forrester, also took part in the spinout.

Following completion of the transaction, the business will invest in new restaurants and the refurbishing of existing locations.

The deal is the latest in a series of private equity deals for UK restaurants. This month, Bridgepoint acquired 245 ASK Italian and Zizzi restaurants from Cinven for £250m, while in November US-based TPG Capital acquired Prezzo, a deal that gave the listed chain a market cap of around £303.7m.

Debt
ICG and Barclays provided debt to support the deal.

Company
Founded in New York in 1965, TGI Fridays is a chain of American-themed restaurants and cocktail bars. The business has 66 UK restaurants in city centres, shopping malls and leisure parks.

People
Karen Forrester is CEO of TGI Fridays. Bill Priestley, a partner at Electra, led the deal alongside Sarah Williams and Shakira Adigun-Boaye.

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• Topics
• Buyouts
• Consumer
• UK / Ireland
• United Kingdom
• Electra Partners LLP