Shareholders of the Restaurant Group (TRG) have approved its sale to private equity company Apollo Global Management, for £506m.
In total, 93.53% TRG shareholders voted to approve the deal.
On 12 October 2023, both boards announced that they had reached agreement on the terms and conditions of a recommended cash acquisition by Apollo.
Under the terms, TRG Shareholder will be entitled to receive 65 pence for a share, a premium of around 67% for the last 12-month period, or 34% on TRG’s closing share price of 48p on 11 October 2023.
The acquisition implies an enterprise value of £701m and a multiple of around 9 times TRG’s Adjusted EBITDA for the twelve months ended 2 July 2023.
TRG operates more than 400 UK sites including Wagamama, Brunning & Price pubs and a concessions business.
In September, TRG confirmed that it was in advanced discussions with Big Table in relation to a potential divestment of its Leisure business.
The division consists of the Frankie & Benny’s, Chiquito, Firejacks, Coast to Coast, Filling Station, and EST brands, with 75 trading sites and associated employees.
The buyer is Baltra Bidco Limited, a newly incorporated company owned by Big Table.
Upon completion of the sale, Big Table will pay a nominal fee of £1, while TRG will pay a cash contribution of £7.5m to offload the loss-marking division.
