Apollo Global Management, a US-based private equity company, has successfully completed the acquisition of UK-based restaurant operator The Restaurant Group (TRG).
The acquisition was carried out by Rock Bidco, a special-purpose vehicle owned by funds managed by affiliates of Apollo Global Management.
The agreement took effect following the Court of Session in Edinburgh approving a scheme of arrangement.
According to Alliance News, TRG is valued at £701 million ($889.7 million).
Shareholders of TRG will be granted 65 pence per scheme share in cash.
In a regulatory announcement, TRG said, “TRG is pleased to announce that, following delivery of a copy of the court order to the registrar of companies, the scheme has today become effective in accordance with its terms and, pursuant to the scheme, the entire issued and to be issued share capital of TRG is now owned by Bidco.”
Following the deal’s completion, all TRG shares have been suspended from trading in London since December 21, 2023.
Full cancellation took effect starting December 22, 2023.
TRG’s operations and strategy will undergo significant changes as a result of the latest transaction.
TRG’s board has stepped down with immediate effect, including its chair, Ken Hanna.
The positions of TRG’s Chief Executive Officer, Andy Hornby, and Chief Financial Officer, Mark Chambers, will remain unchanged.
Alex van Hoek, a private equity partner, and Eugenia Gandoy, a private equity principal from Apollo Global Management, have been appointed to TRG’s board.
Legal counsel for Apollo and Bidco in the deal was provided by Kirkland & Ellis International, whereas TRG received advice from Slaughter and May.
The most recent announcement follows nearly a month after TRG obtained approval from its shareholders for a potential acquisition by Apollo Global Management.
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A total of 93.5% of shareholders expressed their approval.
The Restaurant Group manages various restaurant chains and pubs throughout the UK, such as Wagamama and Barburrito.