GPF Capital buys restaurant chain La Flauta

Financial details surrounding the transaction remain undisclosed. Following the transaction, the company is understood to be targeting the opening of new restaurants in Barcelona and Madrid.

La Caixa and Banco Sabadell provided an undisclosed credit facility to support the transaction.

The deal is the GP's sixth acquisition in Spain, following dairy products manufacturer Queseria Iberica and telecommunications business Acuntia from Corpfin in 2015; auto parts distributor Aurgi in August 2016; leisure and entertainment business Pacha Group (alongside Trilantic Europe and MCH Private Equity) in February 2017; and transport services Vicarli in July 2017.

The GP inked its first exit in July, selling Spanish ICT services business Acuntia to Vinci Energies, generating a 3x return after an 18-month holding period, according to local press reports.

The GP's maiden fund held a final close on €105m in 2015, raising 70% of its commitments from Latin America and the remaining 30% from Spanish LPs. The fund manager targets Spanish companies with sales between €10-100m.

Company
Founded in 1984 and headquartered in Barcelona, La Flauta manages a restaurant chain focusing on Spanish cuisine and tapas. The company currently has five restaurants in Barcelona and claims it serves two million clients a year.

The business generated €30m in revenues in 2016, according to a source close to the matter.

People
GPF Capital – Gullermo Castellanos, Lorenzo Martinez de Albornoz, Ignacio Olascoaga, Martín Rodriguez-Fraile (partners).

Advisers
Equity – Uría y Menéndez (legal); KPMG (financial due diligence).

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• Topics
• Buyouts
• Consumer
• Southern Europe
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• GPF Capital