TDR-backed Buffalo Grill acquires distressed rival Courtepaille

The sale process was initiated by Courtepaille's PE sponsor Intermediate Capital Group (ICG), which filed for a receivership procedure in July with a commercial court.

Other bidders vying to buy the troubled company included Bertrand Group, the owner of Burger King, as well as distressed PE firm Butlers Capital Group and Naxicap.  

According to French daily Les Echos, TDR Buffalo Grill paid €17m for the acquisition. Buffalo Grill's offer included the retention of about 90% of Courtepaille's workforce, 145 self-owned restaurants and 100 of those under franchise.

The article said the winning bidder has earmarked €80m for investments in Courtepaille, alongside €22m for it brand redevelopment.

The report also noted that ICG appointed Lazard to handle the sale procedure.

Previous funding
In 2005, Courtepaille was acquired by ING Parcom Private Equity, Barclays Private Equity and Accor. The GP invested €130m in exchange for a 65% stake alongside the management.

In 2010, Fondations Capital acquired Courtepaille from ING Parcom for €245m, representing an 8.7x multiple on the company's 2010 EBITDA.

In 2015, ICG wholly acquired the restaurant chain in a debt-for-equity swap, featuring a €160m unitranche supplied by ICG.

Company
Founded in Évry, Courtepaille is a restaurant chain that specialises in grilled meat. It operates 300 grill restaurants across France and employs around 3,600 staff. 

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• Topics
• Exits
• France
• Consumer
• Intermediate Capital Group
• TDR Capital
• France
• receivership