TriSpan, a global private equity firm, has announced its acquisition of a majority stake in Pho, the Vietnamese restaurant group.
Carried out by the company’s dedicated restaurant fun Rising Stars, the terms of the transaction have not been disclosed.
Following the takeover, Robin Rowland, European operating partner at the private equity group, will chair Pho’s board, with current chairman Steve Hill acting as a non-executive director.
Stephen and Juliette Wall, founders of the Vietnamese chain, will remain in executive roles, while Patrick Marrinan, former finance director, will now lead the group through its “next phase of growth” as managing director.
Marrinan said: “It’s a real honour to lead the company through the next phase of growth and, whilst this deal means we have to say goodbye to a great partner in Gresham House, we are delighted to be welcoming Robin and TriSpan to the Pho team.
“I look forward to continuing Pho’s exciting journey alongside our outstanding management team, with the continued support of Stephen and Jules.”
Founded in 2005, Pho now operates with 30 restaurants and three cloud kitchens across the UK.
Fady Michel Abouchalache and Joseph Patrick Dib, partners at TriSpan, said: “We are very excited at the prospect of bringing more Pho restaurants to customers in the UK and beyond.
“This investment is another testament to TriSpan’s commitment to the sector, especially in the face of the difficult 18 months we have witnessed in the UK and globally.”