LAWFUEL – UK Business & Law News – Lovells has acted for the management and employees of Tragus Limited in the £267 million Legal & General Ventures backed sale to The Blackstone Group. The deal was announced on 15 December.
Tragus is one of the largest mid-market restaurant chain operators in the UK, with more than 160 sites across the country serving more than 12 million meals every year. It has a strong all-day dining offer through its leading Café Rouge and Bella Italia chains, and recently launched the new Ortega tapas concept. Based in London, the company employs approximately 4,000 people. Tragus was acquired by Legal & General Ventures in January 2005.
The Lovells team was led by head of private equity Alan Greenough and partner Stephanie Keen. This is the second major private equity deal Lovells’ new UK private equity team has worked on since Alan and Stephanie joined the firm in October 2006.
Commenting on the deal, Alan Greenough said:
“We are delighted to announce our involvement in this significant deal and look forward to supporting Tragus management in their investment with The Blackstone Group. This transaction further reinforces Lovells’ position in the private equity market.”
The Blackstone Group was advised by Simpson Thacher & Bartlett LLP and DLA Piper. Ashurst advised Legal & General Ventures. Debt financing for the transaction was provided by Barclays Capital, who were advised by Linklaters.