Latin American restaurant chain Las Iguanas has changed hands in a £27m deal that values each unit at more than £2m.
Bowmark Capital, backed by Royal Bank of Scotland, has taken control of the 13-strong chain from fellow private equity firm Piper Private, which had backed Las Iguanas for the past five years.
BDO Stoy Hayward Corporate Finance acted as lead adviser on the deal achieving a six times multiple on Piper’s original investment.
William Baxter, corporate finance director at BDO Stoy Hayward, said: “The private equity community continues to place a high value on proven restaurant concepts with resilient earnings and strong rollout potential.”
Las Iguanas has just opened a fourteenth site post deal and has seven more units in the pipeline.
By Chris Druce
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