Tex Mex restaurants chain Old Wild West is officially on sale. Advisor Rothschild has actually sent to potential investors an information memorandum a few days ago with a 300 million euros price tag, Il Messaggero wrote. The news of a possibile sale has been rumored since last July (see here Il Sole 24 Ore, writing of a rumor by Mergermarket).
The Old Wild West brand (as well as Cantina Mariachi, Arabian Kebab, Wiener Haus e Kukkuma Cafè brands) is owned by Cigierre (Compagnia Generale Ristorazione spa), leading company in Italy in the franching development of multi-ethnic tematic restaurants. Cigierre is turn controlled by private equity firms L Capital (36.27%), Paladin Capital Partners (33.78%, being the same fund controlling the Modena-based Fini group, the tortellini pasta maker) and Camelot Holding (25.35%),
Cigierre spa operates through about 200 restaurants and is going to close 2015 with about 130 million euros in revenues and 30 millioneuros in ebitda, up from 21.5 million in 2014. Cigierre ia a banking debt of about 33 million euros. Lending banks are Bpm, Bper, Friuladria e Banco Popolare. Cigierre’s shareholders look for a 10x ebitda multiple valuation that means a 300 million euros enterprise value.
