Bridgepoint buys Tastecard, Gourmet Society from Didix

Tastecard and Gourmet Society were carved out from Amsterdam-headquartered parent Didix, a gift card group owned by Waterland Private Equity since 2013.

Waterland, which is exiting its stake in both businesses, was a shareholder in Didixas the business bolted-on Gourmet Society in April 2014, followed by Tastecard in August of the same year.

The two companies reportedly represent the UK's two largest restaurant discount providers as they run schemes with more than 10,000 establishments nationwide.

Under Bridgepoint's tenure, the companies will look to boost membership and the restaurant network they work with as they expand geographically and develop their technology.

Enterprise value was not provided for either company, but Bridgepoint's small buyout vehicle seeks businesses valued in the €20-150m range. The GP's contribution remains confidential too but Bridgepoint typically writes €10-75m equity cheques.

Management reinvested the proceeds from the sale of their existing stake to secure a minority interest in the new structure.

The deal is BDC's second to be reported by unquote" in the space of a week. At the end of July, the GP divested French holiday park operator Siblu to UK buyout house Stirling Square Capital Partners after owning the business for six years.

Debt
The acquisition of Tastecard and Gourmet Society was supported with a unitranche facility supplied jointly by ICG and RBS.

Company
Created in 2005 as Tastelondon, Tastecard rebranded as it sought to expand from the UK's capital to the rest of the country and Ireland in 2010. The Huddersfield-headquartered business provides discounts to membership-paying diners across restaurants such as La Tasca, Prezzo and Gourmet Burger Kitchen.

With headquarters in Stockport, Gourmet Society was established in 2003. The company claims membership rates above the million mark in the UK and currently works with a network of 6,000 restaurants.

Tastecard and Gourmet Society are understood to employ 95 professionals, with expectations for the enlarged group to generate an aggregate £17m in revenues. 

People
Bridgepoint's work on the deal was coordinated by partner Alan Payne. Matt Turner is CEO of both Tastecard and the Gourmet Society.

Advisers
Equity – Rothschild (Corporate finance); Deloitte (Tax); Travers Smith (Legal); OC&C (Commercial due diligence).
Management – Grant Thornton (Corporate finance, tax); Brabners (Legal).

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• Topics
• UK / Ireland
• Exits
• Buyouts
• Consumer
• United Kingdom
• Bridgepoint
• Waterland Private Equity
• Partial sale
• unq2015sep