M&A

M&A

Barbeque Nation to acquire 53.3% in restaurant chain “Salt” for Rs.23-Cr

BSE Disclosure  

Publicly listed, Bangalore-based Barbeque Nation Hospitality Limited (BNHL) - along with its subsidiary Red Apple Kitchen Consultancy Pvt Ltd - are jointly acquiring a 53.26% stake in Chennai-based Blue Planet Foods Private Ltd, via a mix of primary and secondary investments. The total cash outgo to the acquirer(s) will be INR 23.1 crore and will be funded through internal accruals. The investment is valued at FY23 EV/EBITDA multiple of ~7x and EV / Sales of 1.3x. Blue Planet runs an pan Indian cuisine restaurant chain under the brand name “Salt”. It was started by Chef Goutham Balasubramanium and Chef Balaji Balachander in 2013. Currently, Blue Planet operates 6 restaurants and has 2 restaurants under construction. In FY23, Blue Planet reported revenue at INR 32.8 crore with 19.4% EBITDA margin and 10% PAT margin.