Bowmark nets 3.7x on Las Iguanas exit

The divestment is thought to have generated a 3.7x return. Furthermore, the exit is the last to come from Bowmark Capital Partners III fund, which has now returned a total of 4x cost to investors.

According to reports published in May, several private equity firms were understood to have been interested in the asset, including Graphite Capital and Equistone Partners Europe.

Previous investment
Bowmark acquired Las Iguanas in 2007 for £24m from previous backers Piper Private Equity.

Piper first backed the company in July 2002, investing £3.4m for a minority stake. It generated a 6x return and IRR of 40% through the sale to Bowmark, according to unquote" data. 

Under Bowmark's stewardship, Las Iguanas has increased its number of restaurants threefold – from 14 to 41.

Company
Las Iguanas is a Latin American-themed restaurant chain, which operates 41 sites across the UK. The Bristol-based company was founded in 1991.

People
CEO Mos Shamel will retain his role while Las Iguanas founder Eren Ali has stepped down as executive chair. Ron Pearson is a partner at Bowmark Capital.

Advisers
Vendor – BDO, Harry Stoakes (Corporate finance).

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• Topics
• Consumer
• UK / Ireland
• Exits
• Bowmark Capital LLP
• Trade sale