Australia’s $30 billion restaurant and bar industry is in play, with a sale of Neil Perry’s restaurant chain to be finalised this week, Redcape at the centre of a potential sale to an offshore investor and the collapsed Keystone Group capturing the attention of its founder for a prospective acquisition.
As exclusively revealed by The Australian’s DataRoom in September, Quadrant has been involved in discussions to buy The Rockpool Group from celebrity chef Neil Perry for its restaurant business Urban Purveyor.
It is now understood that a sale is more or less wrapped up and will be concluded by Friday, for a price that is expected to be close to $100 million, according to sources.
It is understood that the plan for Quadrant is to float Urban Purveyor once The Rockpool Group is within its stable, in an initial public offering that may come to market as early as next year.
This would be along with Quadrant’s Gresham-advised Zip Industries operation and potentially, Icon Group and Super AMart if they are not divested through a sales process.
Rockpool is headed by Neil Perry, Trish Richards and David Doyle and one of Australia’s largest up market restaurant companies. It includes Eleven Bridge, Rockpool Bar & Grill restaurants in Sydney, Melbourne and Perth, Spice Temple in Sydney and Melbourne and Rosetta Ristorante and Burger Project.
Mr Perry, a 59-year-old television presenter, also co-ordinates Qantas Flight Centre Catering and the David Jones food hall offering through Rockpool Consulting. One of his claims to fame is cooking high-quality Korean barbecue and is an expert in Asian cuisine.
Quadrant purchased Urban Purveyor Group, the largest restaurant group in Australia, last year. The business started in 1976 and now controls more than 26 award-winning and critically acclaimed dining and entertainment venues, generating at least $200m in revenue a year.
Within its portfolio across NSW, Victoria and Queensland are restaurants and bars, including Ananas Bar & Brasserie, The Argyle, The Cut Bar & Grill, Sake Restaurant and Bar, Bavarian Bier Cafe, Munich Brahaus, El Camino Cantina, The Alfred and Fratelli Fresh.
The latest speculation surrounding Rockpool comes as it emerged last week that one of the founders of The Keystone Group was in advanced talks to buy the pubs and Jamies Italian chain within the overall operation that has been in the hands of receivers. Founders of Keystone include John Duncan, Anthony Prior and Paul Schultz.
Dixon Hospitality recently struck a deal to buy all of the business, excluding the Jamie’s Italian chain, which plans to float.
Meanwhile, Redcape’s $700m-plus hotel business — Australia’s largest independent pub group — could be in the crosshairs of an offshore buyer.
Apparently, the international suitor has approached other local pub operators about controlling the assets on its behalf should it become an acquirer.
The portfolio of 26 venues is currently up for sale through Goldman Sachs.
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