Spice invests £25m in casual dining chain Leon

Following the deal, the business will undertake an international expansion strategy while expanding its footprint across the UK. Spice will become the largest shareholder in the group via the transaction.

The deal is the first transaction made by Spice since it changed its investment strategy in July 2016 in order to focus on direct investments.

Spice had previously focused on secondary investments and co-investments. In 2015, it co-invested in Brazilian private hospital operator Rede D'or São Luiz alongside the Carlyle Group; backed Indian non-bank finance company Altico Capital alongside Clearwater Capital Partners; and invested in upstream exploration and production business Africa Oil Corporation alongside Helios Investment Partners. During the same year, it also acquired LP interests in two Indian funds managed by Jacob Ballas Asset Management Company IL&FS Investment Managers and Latin American funds managed by GP Capital Partners.

Previous funding
According to financial publication This Is Money, Active backed the original launch of Leon in 2004. Since then, the company has increased its number of restaurants to 50.

Company
Headquartered in London and founded in 2004, Leon is a casual dining chain serving Mediterranean-influenced cuisine and healthy fast food. The business currently operates a total of 50 restaurants, according to its website, of which 48 are in the UK and two are in the Netherlands.

Leon generated £36.9m of revenues in 2015, according to publicly available documents, with operating EBITDA before exceptional items of £2.26m. Since then, the company has opened a further 24 stores.

Leon was founded in 2004 by Henry Dimbleby and John Vincent, who previously worked together at consultancy firm Bain & Company.

People
Leon Restaurants – John Vincent (CEO, co-founder).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• Active Private Equity