EAT. The Real Food Company
Acquisition of EAT.
Altium acted as exclusive financial adviser to Lyceum Capital on its acquisition of EAT.
- Founded in 1996, EAT. has established itself as one of the leading brands in the £3 billion specialist food and coffee ‘to go’ market. It has 110 stores across the UK selling a wide range of soups, salads, sushi, panini, sandwiches, baked goods and coffee, which are freshly prepared in-house by EAT. each day.
- The business’s strongly differentiated, quality-led brand and proposition ensured it performed robustly during the downturn with sales in the last twelve months topping £85 million, up from £68 million in 2008.
- In March 2011, mid-market growth investor Lyceum Capital acquired a controlling interest in EAT. The transaction sees Lyceum Capital invest alongside the founders and management to support a significant store roll-out and brand development programme both in the UK and internationally. Purchase price was not disclosed.
- Altium acted as exclusive financial adviser to Lyceum Capital and advised on all aspects of the transaction including bid tactics and negotiations with the sellers, valuation, and assessment of the business model as well as the future earnings potential.
- This deal is the third transaction with EAT. that we have undertaken, having previously advised on a debt refinancing and then in 2005 on the secondary buyout by Penta Capital. It also further evidences Altium’s in-depth expertise in the leisure sector where we have advised restaurant groups including Clapham House, Carluccio’s. La Tasca, Prezzo, Gaucho, IRC, Tragus and Domino’s Pizza.
For further information on this transaction, please contact Sam Fuller or Melanie Szalkiewicz.
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