Equistone returns to Gaucho

The deal marks a return to the business for Equistone, having previously invested in Gaucho in January 2005 when the GP was the captive private equity business of Barclays.

For this latest transaction, Equistone invested via its fifth fund, marking the sixth investment made by this vehicle, which closed on €2bn in April 2015.

Following the deal, Equistone aims to expand the businesses in the UK and internationally.

Previous funding
Gaucho first received private equity backing in January 2005 when Equistone (then Barclays Private Equity) backed the restaurant operator's £23.5m management buyout.

In September 2006, Equistone sold its 47% holding to Phoenix Equity Partners via a £55m secondary buyout.

In December 2007, ICG invested in the tertiary management buyout of Gaucho, in a deal understood to be worth £120m. According to unquote" data, debt facilities to support this deal were provided by Lloyds and RBS.

Company
Gaucho, founded in 1976, offers Argentinian dining, specialising in steaks. It operates 14 restaurants in the UK and further sites in Buenos Aires, Dubai and Hong Kong.

CAU offers dishes originating from Buenos Aires. It operates 16 restaurants in the UK as well as one in Amsterdam.

In 2014, the business generated revenues of £61.4m and EBITDA of £11m. 

People
Gaucho Holdings – Zeev Godik (CEO).
Equistone Partners Europe – Joyce Church (partner).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• Exits
• Equistone Partners Europe
• Intermediate Capital Group
• Phoenix Equity Partners