Wagamama sold to private equity firm

Wagamama, the noodle restaurant chain, has been sold to London-based private equity group Duke Street Capital by Lion Capital, its owner of more than five years, in a deal thought to be worth £215 million (US$345 million).

Lion bought Wagamama in 2005 for £100m and has sinced doubled the number of UK-based restaurants to 70. Wagamama is now the leading chain of Japanese-style noodle bars in the UK, has three outlets in the US and a franchise operation comprising 36 restaurants in 16 countries across  the Middle East, Europe and Australasia.  

The transaction is expected to close in the next 30 days. Further expansion is thought to be a main priority for the brand under its new ownership. Steve Hill, Chief Executive of Wagamama, said:

“We have enjoyed working with Lion over the past six years. Thanks to the continued dedication of the wagamama teams throughout the world, we have achieved some great results over this period and further expanded the wagamama brand both in the UK and abroad. We are all very excited about the future and look forward to working with Duke Street, which will see wagamama through its next stage of growth.”