Abac-backed Beer & Food bolts on Tommy Mel's

The deal values the business at around €10m, which equates to 5x the company's 2017 EBITDA, according to press reports.

Following the acquisition, Beer & Food will manage 433 restaurants across 10 brands located across Spain, including American hamburger chain Carl's Jr in Spain, Gambrinus, Cervecería Cruz Blanca and Official Irish Pub, as well as the brands La Chelinda and Índalo Tapas.

Abac acquired Heineken's Beer & Food in January via a management buyout that valued the company at approximately €10m, according to Unquote sister publication Mergermarket.

The GP deployed capital from its Abac Solutions I fund, which held a €320m final close in 2016 and focuses on Spanish mid-cap businesses.

Company
Founded in 2009 and based in Madrid, Tommy Mel's is a restaurant chain specialising in American food. The restaurants are decorated in a 1950s American diner style and serve burgers, hot dogs and milkshakes to eat in or take away. The company has 33 restaurants across Spain and in 2017 generated EBITDA of €2m from revenues of €30m, according to press reports.

People
Beer & Food – Sergio Rivas (CEO).

Advisers
Equity – Grant Thornton (financial due diligence); Baker & McKenzie (legal).
Company – Arcano Partners (M&A); Argali (legal).

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• Topics
• Portfolio management
• Southern Europe
• Consumer
• Spain
• Build-up