Sale of Côte Restaurants confirmed
The sale of Côte Restaurants to private equity firm BC Partners for a reported £250m has been confirmed after CBPE Capital announced the sale of its investment.
BC Partners has said that it expects to triple the number of Côte sites across the UK, as reported by Sky News and earlier today by The Caterer.
CBPE Capital first invested in the group in 2013, and since then, Côte has opened 23 new sites across the UK, taking it to 67 locations in total; grown EBITDA by over 60%, and last year posted a 26.6% rise in profit to £16.2m.
Côte was founded in 2007 by a group of restaurateurs including Richard Caring, Andy Bassadone, Chris Benians and Nick Fiddler. It is run by joint managing directors Harald Samuelsson and Alex Scrimgeour.
The menu offers traditional French fare, including steak frites, moules marinières, and Breton corn-fed chicken, while house desserts include crème caramel and crème brûlée. It also serves breakfast, and regularly changes the menu's specials.
Commenting on the sale, Scrimgeour said: "We are really proud of what we have achieved at Côte. I would like to thank CBPE for their insight and guidance over their investment period. CBPE has been a very supportive investor and shares our commitment to providing a great eating out experience."
Ian Moore, partner at CBPE, said: "Côte has achieved exceptional growth in the last two years and has been a great investment for CBPE. We are delighted with Côte's performance under our ownership and proud of the business that management has built with CBPE's support. We wish Côte and the team every success in the future."
CBPE Capital is a private equity firm with eight funds raised over 30 years. It usually invests in businesses seeking growth or development capital, with an enterprise value of up to £150m.
Côte: The French Connection >>
Côte set for £250m sale >>
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