Close Brothers was appointed by Tragus in September 2006 to provide high level strategic advice to the Company. The Board undertook a dual-track process principally focused on an IPO on the London Stock Exchange with a sale of the business explored in parallel following expressions of interest from a number of parties. The competition created by the dual-track process between the IPO option and the interested strategic and private equity buyers was instrumental in the level of consideration achieved. As part of its work, Close Brothers achieved significant savings in advisory fees for Tragus through its experience of advising on similar transactions.
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 bar cantina concept. Based in London, the company employs approximately 4,000 people.
Graham Turner, CEO of Tragus, commented:
"This has been a highly successful transaction for all concerned. We are delighted to have benefited from Close Brothers' guidance in helping us achieve this outcome in a short space of time. They were quickly able to identify and facilitate our advisory needs on this transaction, demonstrating significant expertise of both the IPO and sales processes and the specific advisers best suited to the various roles as well as an excellent understanding of the restaurant sector. Our brands go from strength to strength and we look forward to continuing to develop the business under Blackstone's ownership."
To find out more about how Close Brothers can help your business, please contact Gareth Healy or Michael Dubois on +44 (0)20 7655 3100.