Private equity company LDC has bought a majority share in D&D London, which owns more than 30 restaurants in London, Leeds, Paris, New York, Istanbul and Tokyo.
The deal, thought to be worth £50m, sees LDC buy out vendors Conran Holdings and private equity investors Caird Capital, with D&D's senior management team led by Des Gunewardena (pictured) and David Loewi retaining their investment in the business.
Olswang, the international law firm that advised on the deal, said it would enable D&D to fund further domestic and international expansion as well as invest in its restaurants, which include Coq d'Argent in the City of London, Quaglino's in Mayfair, the Bluebird in Chelsea and Plateau in Canary Wharf.
Sir Terence Conran held a 51% stake in D&D, while Caird Capital owned 18%. Des Gunewardena and David Loewi will retain their 31% share.
In an interview with Caterer and Hotelkeeper last year, chairman and chief executive Gunewardena said he wants to grow D&D London into "much more international" company.
"At the moment we are still a London business with some ventures overseas but in 10 years time that part of the company will be much bigger," he said.
Gunewardena and Loewi relaunched Conran Restaurants as D&D London in spring 2007 following a management buyout of 49% from Conran Holdings.