Buffalo Grill is the leading casual dining chain in France with over 350 western-themed restaurants (including 100 franchised). The company was founded in 1980 and has grown to be one of the most recognised restaurant brands in France, employing over 5,000 people and serving 30 million meals per annum.
Buffalo Grill has a loyal customer base attracted by a varied and affordable menu centred around beef dishes. Its restaurants are primarily based in retail parks and in medium-sized city outskirt locations and are frequented for a wide variety of occasions.
We had been actively monitoring the casual dining space in Europe following TDR Capital’s successful investment in Pizza Express. In 2013, we identified Buffalo Grill as the preferred acquisition platform in France given its scale, brand recognition, product offering and performance relative to its peers.
Following a detailed review of the business in 2015, TDR stayed close to the business, monitoring its performance and building our investment case. Due to our insight into the business, our experience in the sector and the relationship built with the company, we were able to engage in bilateral negotiations to acquire Buffalo Grill during 2017.
The transaction was completed in January 2018.