Magellan pays $86.8m for 10 per cent share of Guzman y Gomez
Specialist funds manager Magellan Financial Group has acquired 10 per cent of existing shares from restaurant chain Guzman y Gomez, the business announced on Tuesday morning.
The deal cost Magellan $86.8 million, leaves TGM Growth Partners and GYG founder and CEO Steven Marks as the chain’s largest shareholders, and will allow Magellan head of governance and advisory Craig Wright to join the board.
“We are incredible excited to welcome Magellan to the GYG family,” Marks said.
“Our ambition is to be best restaurant company in the world and, to achieve that, we need the support of the best partners, investors, and a world class board of directors… We could not think of a better partner to have alongside us as we enter the next, most exciting phase of the GYG journey.”
Magellan chairman Hamish Douglass said the firm has experience in investing in the quick service restaurant space, and can add and gain insights in working with GYG – a business it considers world class with enormous growth potential.
The transaction is expected to be finalized in late January, subject to shareholder approval.
GYG also announced Athletic Ventures had invested in the business – a group which represents a number of high profile male and female athletes.
“We love the fact that so many of Australia’s most prominent athletes share our values and love our food,” Marks said. “We are thrilled to have them on the register.”
Earlier this year GYG passed the $1billion turnover milestone.
This article was first published on Inside Retail, a sibling website to Inside Franchise Business Executive.