15 December 2006
Legal & General Ventures ("LGV") announces the sale of Tragus Limited, one of the leading casual dining groups in the UK, to The Blackstone Group for £267m.
Tragus is one of the largest mid-market restaurant chain operators in the UK, with over 160 sites across the country serving over 12 million meals every year. It has a strong all-day dining offer through its leading Café Rouge and Bella Italia chains, and recently launched the new Ortega tapas concept. Based in London, the company employs approximately 4,000 people.
Tragus was acquired by LGV in January 2005 and its sale follows the consideration of a number of strategic options available to the company with its advisors Close Brothers and Citigroup.
Commenting on the sale, Adrian Johnson, Chief Executive of LGV said: "We had fully intended to pursue an IPO of Tragus, which, with its strong brands, exceptional management team, track record of organic growth and excellent prospects for future development, would have been an ideal IPO candidate but this transaction demonstrates the strength of the private equity sector as an asset class. I am sure Tragus will prove to be an excellent investment for Blackstone."
Tragus' Chief Executive, Graham Turner said: "Our core brands Café Rouge and Bella Italia go from strength to strength, and we believe that our recently launched new Spanish concept, Ortega, has much potential. We look forward to continuing the Group's successful growth path and to maximising the strength of our brands in the rapidly developing UK restaurant sector with the support of Blackstone."
