PwC Lead Advisory advises on the investment in Mowgli Street Food Group Limited
The UK Lead Advisory team is pleased to announce the investment in Mowgli Street Food Group Limited by TriSpan LLP, through its dedicated restaurant fund, Rising Stars, with financial support from OakNorth.
Mowgli is an exceptional business, underpinned by its founding principles of grace, intelligence and graft. Mowgli’s focus on its people, product and place are the foundation to its success, with its modern focus on quality, healthy and addictive Indian food differentiating it from traditional Indian restaurants.
The first Mowgli restaurant opened in 2014 in Liverpool, and it has since expanded to become the leading Indian casual dining Group in the UK, with 15 sites nationally. Mowgli is known for its fresh and authentic Indian food, cooked daily in each restaurant, which offers a “home from home” environment for its customers.
Foresight acquired a minority stake in the business in 2017, and has supported Mowgli’s continued growth and scale up, through the introduction of Dame Karen Jones as Chair, who will step into a non-executive role post this transaction, and Matthew Peck and Lucy Worth as CFO and COO respectively.
Mowgli has confirmed plans to open sites in Brighton, Bristol and Edinburgh in 2023 and with Trispan’s support will continue to grow strongly over the coming years
Nisha Katona, Founder of Mowgli, said
“The PwC Corporate Finance team understood what we were looking for in our next investor, providing invaluable insights and support needed to find the right partner and deliver a successful outcome. TriSpan understands the elements that have made Mowgli, her food and her culture worthy of such affection and loyalty. They get it and always have, and I look forward to sharing the board table with colleagues that are committed to continuing to grow Mowgli with this delicious integrity at her heart. Thank you PwC for helping us get to this excellent position”
Matthew Smith, Co-Head of the Private Equity Team at Foresight, said:
“We are extremely proud of our partnership with Mowgli, through which we have supported its growth into a leading casual dining brand. We appointed PwC on the basis of their market leading expertise in the hospitality and leisure space. Their commitment and expertise was critical in delivering a successful transaction and achieving a great outcome for all. We really enjoyed working with the whole PwC team.”
Rick Jones, Partner in RCL Corporate Finance and UK Hospitality and Leisure Lead at PwC, said:
“Mowgli is a best-in-class restaurant business, an exceptional employer, and a community-centric brand. We are delighted to have had the opportunity to support Nisha and the Mowgli team, and look forward to the next stage of her exciting journey with Trispan.”
PwC Corporate Finance acted as lead financial adviser to the shareholders - the PwC team advising on the deal was Rick Jones, Charlotte Tracy, Kate Davies and Phoebe Groves.
PwC also provided debt advisory services in connection with the deal, which were carried out by Dominic Renshaw, Dean Stoyanov and Georgia Bowers.
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UK Hospitality, Sports & Leisure leader, PwC United Kingdom
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