UK - Bowmark acquires Las Iguanas from Piper Private Equity for £27m

Bowmark Capital has acquired Las Iguanas, a chain of Latin American restaurants, in a £27m buyout. The transaction provided an exit for Piper Private Equity, which invested £3.4m in the business in July 2002. Piper has reaped returns of 6x its investment from the disposal. Bowmark invested £10.5m in the deal, alongside funding from the management of Las Iguanas and senior debt facilities provided by The Royal Bank of Scotland. Previously Las Iguanas had been backed with a 3i-led round of expansion capital totalling £700,000 in 1997.