Cafe Rouge and other prominent U.K. restaurant brands owned by KKR-owned Casual Dining Group were bought by private equity firm Epiris, which is seeking to resuscitate a sector hit hard by the coronavirus pandemic.
More than 140 restaurants trading as Cafe Rouge, Bella Italia and Las Iguanas were acquired by Epiris Fund II, which is advised by Epiris LLP, the company said in a statement. It’s committed to “fund working capital and investment requirements.”
Casual Dining Group, which runs continental-themed mass market restaurant brands in the U.K., has been weighing cutting costs and filing for administration.
The move will return 4,000 employees to work as restaurants reopen with easing pandemic restrictions, Epiris said. The transaction was funded entirely by Epiris, without any third-party debt.
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