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Italian restaurant chain acquired
Tragus, a private equity-owned restaurant group that owns Café Rouge and Bella Italia, has bought Strada for £140 million.
The price is more than double the £60 million Richard Caring, owner of celebrity haunt The Ivy, bought the chain for less than two years ago from restaurant group Signature.
Tragus, bought by equity firm Blackstone Group for £267 million in December, now owns 230 restaurants.
Graham Turner, Tragus’ chief executive, told Reuters he was looking to treble the number of Strada outlets from 55 to 150.
“Our aim is to grow at more than 10 a year,” he added. “This acquisition highlights the kind of thing we would like to do, we will continue, both opportunistically and strategically to look at potential acquisitions.”
The deal is the second purchase for Tragus under the ownership of Blackstone, after acquiring 16 Potters and char-grill and pizza/pasta restaurants just three months ago.
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