The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry

The Restaurant Group (TRG), owner of the Wagamama and Frankie & Benny’s restaurant chains, is set to go private in a £506 million acquisition by Apollo Global Management. The boards of directors of the foodservice company and US private equity firm Apollo announced yesterday that they have reached agreement on the terms and conditions of a recommended all-cash acquisition by Apollo subsidiary Rock BidCo. The acquisition values TRG’s ordinary share capital at approximately £506 billion on a fully diluted basis, and implies an enterprise value of £701 million. The all-cash deal values TRG’s shares at 65p per share, representing a 34% premium of TRG’s closing price of 49p per share on Wednesday 11 October. TRG’s board said it had considered all scenarios carefully and had reached the conclusion that the certainty provided by the cash acquisition makes it a “superior outcome” for TRG shareholders. Last month, the company announced plans to sell its leisure business, which comprises the Frankie & Benny’s and Chiquito restaurants across 75 UK trading sites, to The Big Table Group. TRG currently operates approximately 380 restaurants and pubs throughout the UK. Apollo said it will work with TRG’s existing management and employees to support the business with a view to providing sustained growth and development opportunities for the company’s stakeholders. The transaction is subject to approval by TRG shareholders and is expected to complete in early 2024.