Investor plans unusual strategy with bid for Flat Iron steak restaurant chain, supported by Gail.
Fast-growing Steak Restaurant Chain Flat Iron in Advanced Talks for Acquisition
American investment firm McWin Capital Partners, known for their involvement in the food sector, is in advanced discussions alongside another private equity investor, TriSpan, to acquire a significant stake in Flat Iron Steak restaurant chain.
With McWin expected to assume the largest economic interest if the deal materializes, according to industry sources, talks between the parties are exclusive, and a deal could be reached within approximately a month's time. As of now, the exact valuation for Flat Iron remains unknown.
Founded by Charlie Carroll in 2012 in London's Shoreditch, Flat Iron now operates approximately 20 locations and boasts solid profitability. The chain's latest accounts indicate underlying profits of £5.7 million during the financial year ending August 2020. Piper, a leading investor in consumer brands, provided Flat Iron with £10 million in funding in 2017.
Carroll retains an interest in the company, but it is currently managed by former Byron restaurant boss Tom Byng. Investment bank Houlihan Lokey has been advising Flat Iron throughout the negotiation process.
Previous dealings for McWin include potential full control of Gail's bakeries, while TriSpan's portfolio includes restaurant operators like Pho and Rosa's Thai food chain. When reached for comment, a McWin spokesperson declined to provide any statements.
The acquisition of Flat Iron Steak restaurant chain by McWin Capital Partners and TriSpan, if successful, could significantly impact the finance sector due to the potential investment, given McWin's expected largest economic interest. With the chain's steady lifestyle profits and strong performance, this deal could redefine the dining scene, possibly adding Flat Iron to the portfolios of these influential investors.
