Transforming the market leader in an underinvested sector
Leading casual dining and QSR group in France, combining the Buffalo Grill, Courtepaille and Popeyes brands

Napaqaro is a leading casual dining and QSR operator in France with approximately 550 restaurants (including c. 170 franchised) across its brands.

Buffalo Grill has a loyal customer base attracted by its varied and affordable menu centred around an American BBQ offering. Its restaurants are primarily located in retail parks and in medium-sized city outskirt locations and are frequented for a wide variety of occasions.

Courtepaille has a complementary food offering to that of Buffalo Grill serving traditional French recipes as well as a similar real estate strategy operating in edge of town retail parks and close to major road networks.

Popeyes is a leading global chicken QSR brand, with a Louisiana fried chicken offering, which Napaqaro is in the process of rolling-out across France under a master franchise agreement.

  • At a glance
  • Status: Unrealised
  • Deal Type: Private Sale
  • Sector: Leisure
  • Initial Investment Date: January 2018
  • Website:


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 and broad market positioning. We entered into bilateral negotiations to acquire the company and completed the acquisition in January 2018.

Since TDR’s investment

  • We have put in place a new management team, implemented an operational improvement programme and enhanced the menu and food on offer
  • Creation of a substantial home delivery and click & collect offering
  • Napaqaro signed a master franchise agreement with RBI to develop the Popeyes brand in France launched the first location in February 2023
Meals Served Annually
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