The transaction, one of the largest ever seen in the UK restaurant sector, includes The Ivy Collection, Sexy Fish, Scott’s, Harry’s Bar and private members’ club Annabel’s.
The deal spans three core parts of Caring’s hospitality interests: The Ivy Collection; Caprice Holdings, which includes Sexy Fish, Scott’s and J Sheekey; and Birley Clubs, including Annabel’s and George.
Bill’s is not included, with the deal understood to focus on the premium end of Caring’s largely UK-centric, but increasingly global, portfolio.
Caring first explored a sale two years ago, initially focused solely on The Ivy Collection — which includes The Ivy, The Ivy Café, The Ivy Brasserie and The Ivy Asia — before expanding to encompass the majority of his hospitality assets.
He will remain in the business as executive chairman.
DIAFA has already established a presence in the premium international restaurant market, having acquired Zuma and Roka last year.
Ravi Thakran, group CEO pf DIAFA, says that the transaction marks a new chapter in global luxury hospitality.
“We are curating a portfolio of the world’s most iconic and culturally defining brands, with the ambition to shape how the next generation experiences dining, social connection, and lifestyle. Together with Richard Caring, we are building a platform of enduring value and global influence.”
Caring added: “I am delighted to partner with the visionary DIAFA team, and I am confident that we will bring our world-class brands to new markets and continue to elevate our vision for hospitality to exciting new heights. DIAFA’s commitment to investing in exceptional luxury brands makes them the right partner, and I look forward to building something truly enduring together.”
Writing on LinkedIn, Ashley Saxton, global CEO for F&B at DIAFA, said the transaction marked a landmark moment for the group and pointed to further international expansion.
“Richard Caring has spent decades building something that goes far beyond a restaurant portfolio - he has created a collection of cultural institutions that define how the world’s most discerning guests experience hospitality.
“Our role, as the strategic partner bringing global reach, cross-vertical synergies and long-term capital to this partnership, is to support these extraordinary brands in realising the full breadth of what they can become.”
“Our global understanding paired with their exceptional operating models and brand appeal creates a partnership of genuine strength - one we are proud to be a part of, and confident will take these brands to remarkable new heights.Proud to see DIAFA shaping into the worlds leading hospitality super brand we set out to achieve.”
The most recent full-year accounts for Troia (UK) Restaurants, the parent company of The Ivy Collection, show revenue up 4% to £327.1m for the year ending 5 January 2025, with pre-tax profit of £32.3m and adjusted EBITDA of £61.9m.
Combined with EBITDA from Caprice and Birley Clubs, total group EBITDA is reported at around £89m, implying a multiple of roughly 15x.