Private equity group Equistone is believed to be in advanced talks to acquire Gaucho, the operator of the eponymous Argentinean steakhouse concept and sister brand CAU, M&C understands
The buyout firm formerly owned by Barclays is believed to have moved to the front of the queue for the Zeev Godik-led, Intermediate Capital Group-backed business, with a deal valued at c100m.
Equistone, which is understood to have been the underbidder for Las Iguanas, originally backed the £23m management buy-out (MBO) of Gaucho in January 2005 taking a 47% stake.
A year later it sold its stake in the business to Phoenix Equity Partners in a secondary buyout valuing the business at £55m.
In 2007, ICG-backed management buyout of the business after it aborted plans to list on the stock market.
As revealed by M&C earlier this spring , Gaucho had appointed Canaccord Genuity to assess its options.
CAU, the group’s more casual dining steakhouse concept, has been its main growth driver over the last few years and is thought will remain the main expansion play going forward, with further sityes for this year lined up in Bath and Birmingham.
The 15-strong brand recently opened its first site in Scotland in Glasgow.
It is actively looking to create a hub of sites in the Midlands, after lining up a site in Leamington Spa.
The concept, which is led by Graham Hall, is looking to recreate the group of restaurants it is developing in the North West, by adding further units to its upcoming opening in Birmingham.
The company is also exploring opportunities to add to its existing site in Amsterdam and debuting in the Middle and Far East.
It has also secured a site in Salford’s Media City for an opening next year.
