Private equity firm TriSpan has acquired a majority investment in a fast-growing Thai food chain based in London.
Rosas Thai Cafe, which has set up 13 restaurants in the capital since it sprang up a decade ago, is TriSpans debut market deal in Europe.
The managing director of Rosas Thai Cafe, Gavin Adair, will head up the joint group as it hopes to see continued growth.
The announcement came after days of speculation surrounding the acquisition which has now been made by TriSpan, who have already invested in more than 20 restaurant groups globally.
However, the restaurant chains founders Alex and Saiphin Moore will remain involved in the business, respectively focusing on the groups culture and innovation and driving food quality.
Alex Moore said: “We set up Rosas Thai Cafe to be a progressive, responsive and thoughtful group of restaurants and we are really proud that has stood us in such good stead.”
He added: “This is an exciting new partnership for the group and since joining last year Gavin has developed excellent strategies to support our future aspirations.”
The private equity firms transaction team said: “The TriSpan team have been tracking Rosas Thai Cafe for some time now given its authenticity, solid financial performance, health-orientation and support for multi-channel/multi-format growth. We believe Rosas Thai Cafe is arguably the most authentic group of branded Thai restaurants in the UK. We feel passionate about it and are excited to support the founders and the management team in their journey ahead.”
While details concerning the deal are not yet known, the Sunday Times reported that Rosas Thai Cafe posted sales of £8.2m and “core earnings” of £1.4m last year.