D&D London, which operates approximately 40 restaurants including German Gymnasium and Coq d’Argent, is on the verge of being acquired by Calveton and Breal Capital.
The deal to sell D&D Group to Calveton and Breal Capital is expected to be signed later this week.
David Loewi will remain as CEO and shareholder. He said: “We are absolutely delighted to welcome Calveton and Breal Capital into the D&D London family. This partnership will provide us with the financial backing and strategic support to accelerate growth both in the UK and internationally.”
In addition to its London restaurants, D&D operates elsewhere in the UK, as well as in mainland Europe and North America.
According to a press release, while D&D has “been consistently highly profitable”, the challenges the Covid-19 pandemic, inflation, staff shortages and industrial action have posed the hospitality sector, have been tough. In the last year the group has shut several of its restaurants, including Cantina del Ponte in London Bridge and Plateau in Canary Wharf.
The press release claims that the investment from Calveton and Breal will bring “balance sheet recapitalisation” of around £40 million. Simon Wilkinson, formerly of La Tsca Restaurants, will join the board as chief advancement officer.
Calveton founder Sandeep Vyas said: “We see immense potential in this partnership and are excited about the business growth ambitions, which we will support wholly as partners. Our shared vision is to preserve the rich heritage and identities of these remarkable restaurants.”
“This acquisition represents a great platform upon which the various restaurants and bars within the group can be taken forward in partnership, delivering long-term sustainable growth,” added Breal Capital founder Brent Osborne.
Breal Capital’s recent acquisition spree has seen wine bar chain Vinoteca, and breweries Brew By Numbers and Black Sheep rescued from administration.
Last week, The Restaurant Group, which operates close to 400 restaurants, accepted a £506 million takeover offer from US buyout group Apollo.
This article was originally published by the drinks business and has been shared with permission.
