
TnuiCapital to acquire Busaba
TnuiCapital has agreed to acquire restaurant chain Busaba Eathai.
An agreement has been reached and Tnui plans to inject fresh capital. Tnui looks to support buyouts, non-core acquisitions or financial restructurings and invests £250,000-50m.
Terry Harrison, Busaba's managing director, is to remain at the helm.
Tnui competed for the company against a group headed by John Vincent, co-founder of the Leon chain, reports said. Turnaround expert RCapital is also understood to have been interested.
Muzinich, a stakeholder in the company, has fully exited as a result of the deal.
KPMG was hired by Busaba earlier in 2020 to consider options for the business and, if no fresh investment had emerged, it could have headed for a company voluntary arrangement.
Previous funding
Phoenix acquired Busaba in a 2008 transaction valued at £21.5m, with capital drawn from Phoenix Equity Partners 2006.
In July 2019, Muzinich Private Debt acquired a controlling stake in Busaba. At the time, the firm was investing from its Pan-European Private Debt Fund, which held an interim close on €460m in May 2018.
Company
Founded in 1999 and headquartered in London, Busaba operates a chain of 13 Thai restaurants. The company generated a turnover of £29m in 2017.
People
Busaba Eathai – Terry Harrison (managing director).
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