BC-backed Côte acquired by Partners Group

Katharine Hidalgo
29 September 2020

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BC Partners portfolio company CУДte Restaurants has been acquired by Partners Group.

Partners Group is currently deploying capital for its buyout strategy through Partners Group Direct Equity 2016, which closed on €3bn in 2017. Meanwhile, the firm is raising for its Partners Group Direct Equity 2019 fund, which was registered in July 2018 with a target of €5bn.

The change in ownership could have been made via a debt-for-equity swap, according to a report by the Sunday Telegraph published earlier in September 2020. The report also stated Côte is considering shuttering some of its 96 restaurants in the wake of the coronavirus crisis.

Former Wagamama CEO Jane Holbrook is joining the board as chair.

The company was part of BC European Capital IX, which closed on €6.5bn in 2012. The fund has made several realisations to date, including broadcasting and entertainment company Com Hem, and internet company CarTrawler.

Partners Group could not be reached for comment and BC Partners declined to comment.

Previous funding
CBPE Capital acquired the company in September 2013 for around £100m.

BC acquired the company for £250m in July 2015 from CBPE. Debt was provided by HSBC, Lloyds and GE Capital.

In January 2016, Côte acquired London-based American-style restaurant group Jackson & Rye and casual dining restaurant Limeyard in a double bolt-on.

Company
Côte generated £156m in sales in the year ending on 28 July 2019 with adjusted EBITDA of £18.4m. Headquartered in London, it was founded in 2006. It employs 3,000 people.

People
Partners Group – Christian Ebert (managing director).