Côte Restaurants has been acquired by global private markets investment manager Partners Group.
It comes as the group said that coronavirus has had a “huge impact” on the business, despite “trading well” before lockdown, with “record” sales and strong EBITDA growth in the last financial year.
Partners Group said it is “excited by the potential” of Côte and as such has “ambitious plans” for the business.
As part of the acquisition, Partners revealed that former Wagamama CEO Jane Holbrook will join the Côte board as its chair.
The restaurant group employees over 3,000 members of staff across more than 90 restaurants in the UK.
In the financial year ending 28 July 2019 Côte Restaurants reported revenue of £10.2m and adjusted EBITDA was £18.4m.
Alex Scrimgeour, CEO of Côte Restaurants, said: “Côte is a well-established business that traded strongly before the crisis and moved quickly to serve loyal customers at home during lockdown.
“New safety protocols enabled Côte to welcome back guests into the restaurants. The entire Côte team is excited to continue its success story with the strong backing of Partners Group.”
Christian Ebert, Partners Group MD, added: “We see a strong brand with a good following, great quality food and a differentiated operating setup. While the mandatory closure of all Côte’s restaurants due to COVID-19 resulted in a significant loss of revenue and earnings, the brand remains as well-regarded as ever and uniquely positioned in the UK restaurant scene.
“We are excited to onboard the Côte business to the Partners Group platform and welcome more than 3,000 Côte employees. The Partners Group resources and entrepreneurial governance approach will allow Côte to emerge from the pandemic even stronger.”