McWin and TriSpan take joint control of Flat Iron

Private equity firms McWin Capital Partners and TriSpan have acquired a co-control majority stake in restaurant chain Flat Iron, marking the first investment by McWin’s newly launched Foodservice Fund.

The deal sees Piper, which backed Flat Iron in 2017, exit the business. The investment supports the next phase of growth for the 18-site restaurant group, founded in 2012 by Charlie Carroll and now led by chief executive Tom Byng.

Flat Iron operates sites in London, Manchester, Leeds and Cambridge, and has built a reputation for affordable steak dishes and a streamlined service model.

Byng will remain in post as chief executive and continue to lead the business. McWin and TriSpan said they were backing the existing management team to grow the brand in the UK and expand internationally.

The acquisition is the first by the McWin Foodservice Fund, which focuses on lower to mid-cap European food businesses with scale potential. McWin’s previous investments include GAIL’s, Sticks’n’Sushi, Lina Stores and the Big Mamma Group.

TriSpan is investing through its Rising Stars Programme, which targets hospitality brands with growth potential. Its current portfolio includes Pho, Rosa’s Thai and Mowgli.

Harry Goss, partner and head of foodservice at McWin, said: “The leadership, the truly compelling customer proposition and the opportunity to expand the growth story are exactly what we are looking for in this dynamic sector.”

Robin Rowland, operating partner at TriSpan, said: “Flat Iron is a clear winning brand offering outstanding value that truly delivers to a wide group of guests throughout the week.”

Tom Byng, chief executive of Flat Iron, added: “We are pleased to welcome McWin and TriSpan to the Flat Iron family. Their deep experience and knowledge of the sector are second to none and will be invaluable as we continue our mission to serve ‘Remarkable Steak’ to more locations in London, across the UK and abroad.”