(Alliance News) - Fulham Shore PLC on Wednesday said it agreed to be taken over by Tokyo-listed food company Toridoll Holdings Corp.
Shares the owner of restaurant chains Franco Manca and The Real Greek soared 32% to 13.91 pence.
Tokyo-listed food company Toridoll Holdings Corp will pay 14.15 pence per share, a 35% premium to Fulham Shore's Tuesday closing price of 10.50p.
The deal gives Fulham Shore an equity value of GBP93.4 million.
Toridoll Chief Executive Officer Takaya Awata said: "Together with the strength of these brands and our partnership with restaurant sector specialist fund Capdesia, we have the opportunity to leverage our combined expertise and significant resources to accelerate their growth even further. We look forward to working closely with Fulham Shore's management and employees as we embark on the next stage of the company's growth."
Restaurant sector-focused private equity fund Capdesia Group Ltd will also be involved in the deal. Toridoll's stake will eventually reduce to no less than 51%.
Capdesia's portfolio includes sushi chain Wasabi and bakery Gail's.
Fulham Shore Executive Chair David Page said: "We are proud of the significant progress that Fulham Shore has made since it was founded in 2012. We are proud of our two brands, Franco Manca and The Real Greek, and the growth we have delivered for Fulham Shore. Whilst we remain excited about the prospects for the business on a standalone basis, we have been in discussions with both Toridoll and Capdesia and received a proposal that we believe is compelling for all of our stakeholders. We believe Toridoll and Capdesia's experience in successfully building restaurant businesses and their long-term vision for Fulham Shore, will enable Fulham Shore to fulfil its long-term potential."
By Tom Budszus, Alliance News reporter
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