The Restaurant Group shareholders approve sale to Apollo

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The Restaurant Group shareholders approve sale to Apollo

Related tags Apollo Group Wagamama The restaurant group R200 Multi-site Casual dining Brunning & Price

Shareholders of The Restaurant Group (TRG) have formally approved its sale to private equity company Apollo Global Management for £506m.

In total, 93.5% of shareholders by value voted in favour of the cash acquisition of the restaurant group, which includes restaurant brands Wagamama and Barburrito, and pub group Brunning & Price.

Following approval, the sale is expected to complete on 21 December.

The cash deal will see the group become a privately-owned company and values each of the company’s shares at 65p.

The acquisition by Apollo implies an enterprise value of £701m ​and a multiple of around nine times TRG’s Adjusted EBITDA for the 12 months ended 2 July 2023.

In September, TRG announced it was selling its 75-strong leisure division​ to the Big Table Group (BTG) for the nominal fee of £1 and would pay a cash contribution of £7.5m to BTG

The transaction is expected to complete fully by 31 March 2024.

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