Quadrant private equity looks to snap up Rockpool Consulting
Quadrant, one of Australia’s most in-demand private equity managers, is now diversifying its portfolio.
The Sydney-based private equity firm seems to be everywhere.
It already owns stakes in a number of sectors. These include companies such as hot and cold water taps business Zip which, according to market speculation, could be heading for a listing next year. It’s also been looking at businesses in furniture, healthcare and not to mention fitness centres
The word now is that Quadrant is now looking to expand into restaurants.
The latest speculation is that its Urban Purveyor Group plans to pick up the restaurant operations run by Sydney’s own celebrity chef Neil Perry, which includes Sydney’s best restaurants in the Perry stable including Rockpool and Spice Temple.
It’s been on the cards for some time.
Quadrant paid some $175 million for John Szangolies's Urban Purveyor Group in August last year. Szangolies' food and beverage empire was Australia’s largest restaurant group, made up of 26 award winning restaurants and entertainment venues, generating at least $200 million in revenue.
The portfolio extends across New South Wales, Victoria and Queensland and restaurants in that stable include 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.
Quadrant last month signalled it is moving into the sector of the market when it acquired the Goodlife Health Clubs from Ardent Leisure for $260 million.
Targeting Rockpool makes sense.
Perry’s company Rockpool Consulting is the outfit behind his restaurants which include Sydney’s fine dining institution Rockpool as well as modern Chinese restaurant Spice Temple and steakhouse Rockpool Bar & Grill. Perry, 59, also has a presence In Melbourne with the Rockpool Bar & Grill, as well as Rosetta, which opened four years ago.
The company is also part of his work at Qantas Flight Centre. Perry is also renowned for his high-quality Korean BBQ and is an expert in Asian cuisine.
by Leon Gettler, September 12th 2016
