Abenex captures Buffalo

Abenex Capital led the buyout charge this month with their purchase of restaurant chain Buffalo Grill for between EUR300-350m in a secondary buyout alongside co-investors NI Partners and iXEN. Also participating in the deal was specialist private equity fund Cerea Capital, which is part of the Unigrains Group.

The deal saw Colony Capital and Eurazeo cede their interest in the company from their funds Colyzeo Investors and Colony Investors VII. Colony Capital initially acquired Buffalo Grill in October 2005 after staging a EUR340m public-to-private, with the company eventually delisted in 2007. Colony are reported to have made a 30% return on their investment.

Buffalo Grill currently has 310 restaurants, one third of which are under franchise, and generated a turnover of around EUR350m.

In 2007 Colony Capital and Eurazeo, who jointly held 75% of the company under the Colyzeo holding vehicle, conducted a leaseback operation on 128 of the restaurants by selling the locations to Fonciere Klepierre in a deal worth EUR300m. Abenex plans to open between 12 and 15 branches per year.

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