Restauravia acquisition, press release
27-04-2011

AmRest Holdings SE today announced the closing of the Restauravia Grupo Empresarial S.L. acquisition. As a result of the transaction AmRest owns effectively 76.3% of Restauravia shares with the remaining 23.7% comprised of rolled over equity from the Restauravia’s management. The Enterprise Value of Restauravia business is EUR 198 million.
“Restauravia is a high growth company headquartered in Spain. The company owns La Tagliatella brand - 105 Italian casual dining restaurants and 30 KFC’s. This acquisition addresses two very important strategic objectives of AmRest: first to extend AmRest’s reach in KFC and second to own a scalable brand. We believe KFC will be the fastest growing QSR brand in the world over the next decade. The KFC business is very underpenetrated in Spain with significant growth opportunities. La Tagliatella is an amazing new addition to our portfolio and a very unique casual dining business model. The food quality is at a fine dining level with prices of a casual dining restaurant and the simplicity of a quick service kitchen. We feel that this concept has significant international growth potential and we plan to at least double the number of La Tagliatella restaurants within 5 years. The company has recently opened two restaurants in France that are performing very well.”, said Henry McGovern Chairman of the Supervisory Board of AmRest.
Restauravia generated approximately EUR 100 million in sales in FY 2010, and EBITDA of EUR 23.9 million.
“AmRest has been able to augment its portfolio at a significantly lower valuation because of the disruption in the Spanish market. We paid 7.4 2011 EV/EBITDA for a high quality casual dining brand with growth potential where similar transactions are typically valued at double digit multiples. With 24% EBITDA margin we are sure that this transaction will be very value accretive for our shareholders.”, said Mark Chandler CFO of AmRest.
Both AmRest and the current management of Restauravia see huge synergistic opportunities resulting from the acquisition.
“We are very excited about this transaction and are sure that with AmRest’s international experience and unique people culture we will take La Tagliatella brand across borders. We are also looking forward to cross learning and synergistic opportunities in multiple areas including the supply chain and operational systems”, said Steve Winegar CEO of Restauravia.
About AmRest:
AmRest is the largest independent restaurant company in the CEE. It operates KFC, Pizza Hut, Starbucks, Burger King and Applebee’s in Poland, Czech, Russia, Serbia, Bulgaria and USA. AmRest runs 474 restaurants and employs 18 thousand people. AmRest’s revenues in 2010 exceeded PLN 2 billion. Since 2005 AmRest has been listed at the Warsaw Stock Exchange.
About Restauravia:
Restauravia is one of the largest restaurant companies in Spain. It owns La Tagliatella brand – 105 restaurants in Spain and France, it also operates 30 KFC. The unique business model of La Tagliatella based on the central kitchen concept allows to offer unmatched food quality with prices of a casual dining and the simplicity of a quick service kitchen. Revenues of Restauravia in 2010 were approximately PLN 400 million.

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