Connection takes stake in Rosa's Thai Café MBO

TriSpan acquired the majority stake in the business in an MBO in June last year, allowing employees across the business to realise their stock options and reinvest alongside the GP.

Connection previously participated in Duke Street's investment in Wagamama in 2011, and realised a 3.4x return for its clients when it was sold to The Restaurant Group last year.

Connection said in a statement that investor appetite remains strong for specific opportunities with the right dynamics in the UK's casual dining sector – despite the current challenging conditions on the high street.

Company
Founded in 2007 as a market stall in Brick Lane Market, East London, Rosa's now operates 13 Thai restaurants across the city. According to a report by the Sunday Times, the business generated core earnings of £1.4m. As per publicly available documents, the company recorded operating profit of £760,000 and EBITDA of £1.38m in 2017.

People
Connection Capital – Bernard Dale (managing partner).
TriSpan – Jurriaan van der Schee (head of European private equity); Joseph-Patrick Dib (partner).
Rosa's Thai Cafe – Alex Moore, Saiphin Moore (founders); Gavin Adair (managing director).

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