Fratteli Fresh restaurant chain sold off
by Leon Gettler
One of Sydney’s most popular restaurant chains, boutique grocer Fratelli Fresh and its in-house restaurant Café Sopra has been acquired in a multi-million dollar sale.
Fratelli’s shareholders sold the business to Quadrant Private Equity's Urban Purveyor Group for an undisclosed price. The deal was inked on Friday night.
Fratelli Fresh comprises six restaurants, five Café Sopra and one Café Nice. It also runs four fresh produce retail outlets, trading under Fratelli Fresh banner.
“Fratelli Fresh, including Café Sopra and Café Nice, hold a special place in the hearts of Sydneysiders and we are excited to add such an amazing and much-loved business and innovative team to our group," UPG CEO Tom Pash told the Australian Financial Review.
While the price was not disclosed, the Urban Purveyor Group is a growing hospitality giant.
The UPG portfolio comprises four Sake restaurants along with the Bavarian Bier Cafe outlets, Ananas Bar & Brasserie, and the Munich Brauhaus in Melbourne.
Fratelli had a number of owners include including Kiwi entrepenuer Barry McDonald, Nick Peters, the owner of a chain of 33 butcher shops in Sydney's metropolitan area; Luminis Partners founder Simon Mordant and entrepreneur Les Schirato.
Quadrant Private Equity swooped on John Szangolies's Urban Purveyor Group in August, paying about $175 million for Szangolies' food and beverages empire made up of 20 restaurants and associated businesses.
Quadrant has some form in this area. Last year, it merged the operations of the Melbourne-based Superior Food Services and Sydney-headquartered NFD Food Services to create a national group.
Under the deal, McDonald will stay on as a “creative consultant to the business.
His daughter Nina Gravelis, who now works as the company’s chief operating officer will become brand general manager at UPG.
“I’m really excited and I’m happy to be starting a new phase with UPG because I think they’re a really cool company and I honestly love their restaurants,” McDonald told the Daily Telegraph.
The deal is expected to expand UPG’s annual revenues to around $200 million with around 2000 employees.
11th April 2016
