Portfolio: Private Equity: Current

Rosa's Thai Cafe

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Connection Capital coinvested alongside TriSpan to fund the MBO and provide growth capital to expand this Thai restaurant group.

Investment highlights

  • Date of investmentMay 2019
  • SectorLeisure and hospitality
  • Investment typeMBO
  • Investment size£22m from TriSpan and syndicate
  • Employees500+
  • StatusLive

The company

Rosa’s is a Thai casual dining chain, which on MBO had 13 sites in London serving eat in and take away customers.

Investment rationale

Rosa’s is a popular and successful restaurant group with a professional management team, which sought to undertake a MBO from the founders who had established the company in 2008. The business has a strong business model showing very good return on investment in new sites and matched consumer demand for fast casual, healthy, Asian food.

The goal of the investment was to secure a sensibly priced MBO and roll out restaurants across the UK.

Progress since investment

As of March 2021, Rosa’s now has 26 sites, including Manchester, Liverpool, Leeds and Reading with a 27th due to open shortly, plus two takeaway venues. There is a pipeline of new sites to open in 2021 and 2022 as Covid restrictions release.

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