Transforming the market leader in an underinvested sector
Leading casual dining restaurant chain in France, combining two iconic brands: Buffalo Grill and Courtepaille

Napaqaro is the leading casual dining restaurant operator in France with approximately 600 restaurants (including c. 190 franchised) across the Buffalo Grill and Courtepaille brands. The company employs over 11,000 people and serves c. 50 million meals per annum.

The Buffalo Grill brand has a loyal customer base attracted by a varied and affordable menu centred around beef dishes and 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.

  • 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, enhanced the menu and food on offer and created a new Home Delivery and Click & Collect offering which now forms a steady revenue stream for the business
  • We have begun a major capital investment programme to refurbish the estate with a new design concept
  • In October 2020, we supported the company in acquiring Courtepaille, the number two brand in the French casual dining market
  • We have worked with the management team to add new brands to Napaqaro’s portfolio and in December 2021 the company signed a master franchise agreement to develop the Popeyes brand in France and Monaco. Popeyes is one of the leading global chicken quick service brands
Meals Served Annually
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