TriSpan has acquired a stake in Mowgli Street Food, with existing investor Foresight to exit the business.

The global private equity firm is backing the continued expansion of the Indian street food concept, led by Nisha Katona, through its Rising Stars fund - a dedicated restaurant program.

Under the terms of the investment, Katona and her 15-strong management team will maintain a “significant interest in the company”, with Katona continuing to lead the business as chief executive. 

Matthew Peck and Lucy Worth will continue in their roles as chief financial officer and chief operating officer respectively, while Robin Rowland OBE, TriSpan’s European operating partner, will chair the board.

Dame Karen Jones, the company’s current chairperson, will remain on the board as a non-executive director.

Mowgli was founded in 2014 in Liverpool and has seen opened sites nationwide, to 15 currently, with a strong pipeline of new openings, including Brighton next month.

Other new locations include Edinburgh and Bristol with new sites set to open in Beverley, Knutsford, Richmond, Lincoln and Bury St Edmunds, according to documents seen by MCA. Mowgli is also understood to be looking at locations in York and Newcastle.

Commenting on the agreement, Katona said: ”I soar with excitement when I think of the future possibilities for Mowgli and the way the public and our teams have embraced our food and our brand.

”TriSpan understands the elements that have made Mowgli, her food and her culture worthy of this affection and loyalty. They get it and always have, and I look forward to sharing the board table with colleagues that are committed to continuing to grow Mowgli with this delicious integrity at her heart.”

Rowland added: “I have admired Mowgli for a number of years and am looking forward to working alongside Nisha and her proven management team and strong board to continue the evolution of this unique and loved brand, delivering authentic, fresh and exciting Indian cuisine.” 

Mowgli achieved “largely positive” Christmas trading, with like-for-like growth in the five weeks to 1 January 2023 up 8.7%.

TriSpan also backs several other restaurant businesses in the UK through its Rising Stars fund: Pho, which currently operates 37 sites, Rosa’s Thai, which is now at 32 sites with Exeter opening today, and Thunderbird, which has six restaurants and five franchise units.