3i backed Giraffe acquires Tootsies sites
The Giraffe restaurant group announces today it has agreed the purchase of eleven Tootsies from the administrators of Tootsies Restaurants Limited, a subsidiary of Clapham House Group plc. Each acquisition is subject to the relevant landlord's consent.
The management team, led by Russel Joffe, plan to convert the acquired sites into Giraffe restaurants within the coming months. In the meantime, Giraffe will continue to run them under licence as Tootsies.
Russel Joffe, managing director and founder of Giraffe, comments:
“With the support of our investors Risk Capital Partners and 3i, our strategy is to continue growing the brand nationally year on year. This acquisition of some great sites allows us to accelerate the roll out of Giraffe, and takes Group revenues to in excess of £35 million.”
The sites are located in London, Norwich, Bury St Edmunds, Weybridge and Portsmouth and the acquisition brings the Giraffe group up to 36 restaurants plus five airport franchises, of which three are at London’s Heathrow.
Chairman Luke Johnson comments: “‘This is a deal that will transform Giraffe and it shows how ambitious we are for the business.”
Giraffe is a successful all-day restaurant concept based on global food, world music, great service and good value for money. The group partnered with 3i in October 2006 to support the national roll-out of the brand.
Justin Maltz, Director of 3i Growth Capital comments: “Giraffe's exceptional performance has defied the downturn and this deal will give the brand further room for growth - we believe there is plenty more to go for.”
Notes to editors
The eleven sites acquired are in Belsize Park, Holland Park, Wandsworth, Brent Cross, Weybridge, Bury St Edmunds, James St W1, Reading, Basingstoke, Norwich and Portsmouth.
3i is an international leader in private equity. 3i’s growth capital team provides financial and strategic support to established businesses with potential for outstanding growth. They invest up to €150m for an equity stake to help businesses achieve their growth ambitions, restructure shareholdings, release equity or change the balance of equity to debt. They are committed to working actively in partnership with majority business owners, via a board role.
Risk Capital Partners (RCP) is the entrepreneurial private equity firm founded by Luke Johnson. RCP backed Giraffe and Russel Joffe in a development capital transaction in 2004 when the group had just 7 sites. RCP is keen to support other growing businesses and their founders / management teams with its new £75 million private equity fund. For more information :http://www.riskcapitalpartners.co.uk/
Visit http://www.giraffe.net/ for further information
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tel. +44 207 975 3573