Livingbridge christens new fund with Bistrot Pierre deal

It remains unclear at this stage whether or not the deal saw Livingbridge secure a majority stake, although its is understood to have been structured as a buyout. Corporate finance house Altium advised on the sale of the business.

This marks the maiden deal for Livingbridge's latest institutional fund, Livingbridge Enterprise 2 LP. The GP closed the vehicle on its £220m hard-cap in September. The fund typically targets UK SMEs, investing in growth and buyout deals. It invest tickets of up to £10m of equity capital for deals worth between £5-100m.

Bistrot Pierre intends to earmark the fresh funding to accelerate its restaurant roll-out. It is already planning to open new restaurants in Birmingham and Swansea in the first half of 2016.

Company
Founded in Nottingham in 1994 with a single restaurant, Le Bistrot Pierre offers French cooking across 14 venues in the UK. The business posted revenues of £18m with profits exceeding £2m in 2015.

People
Livingbridge was represented by Benoit Broch, Nick Holt and Oliver Mauldridge.

Advisers
Company - Altium, Sam Fuller, Katherine Hobbs, Arthur Callaghan (Corporate finance).

 

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