Rockpool sold to Urban Purveyor Group
The big news over the weekend was that Neil Perry’s Rockpool Group has been sold to the Quadrant Private Equity-backed Urban Purveyor Group for an undisclosed sum.
While no-one has talked about the price, talk in the market has it anywhere between $30 million and $100 million.
As part of the deal, the chef will hold on his sole restaurant, Eleven Bridge in Sydney’s CBD.
He also keeps control of Rockpool Consulting which takes in his long-term relationship with Qantas.
Perry becomes head of culinary and his business partner Trish Richards heads off to the finance team.
The deal also sees Perry’s wealthy American business partner, David Doyle, bought out of the group.
Global hospitality industry veteran CEO Thomas Pash will be the chief executive officer of the new group.
The plan is to build on the group’s brands such as Perry’s own Burger Project, Spice Temple, Rosetta and the jewel in the crown, Rockpool Bar & Grill.
The deal combines Rockpool’s venues which include the Rockpool Bar & Grill, Rosetta, Spice Temple and Burger Project brands with UPG, which already has a number of brands under its umbrella including Sake, Fratelli Fresh and The Bavarian.
Rockpool has a revenue turnover of $350 million. It employs more than 3000 employees across four states. It also owns a state-of-the-art production kitchen and brewing company.
“We are very much involved and its really, truly a merger of the two companies where Trish and I are involved in the larger company which has now merged into the larger Rockpool Dining Group,” Perry told the Daily Telegraph.
“My 24/7 focus is going to be making sure this whole thing grows and grows really well.
“The guys have lots of exciting plans both here in Australia and overseas and it’s really where I always wanted to take the group and we are going to get some capital to do it now.”
by Leon Gettler, November 7th 2016
