SAIF considers Specialty Restaurant options
Despite reports suggesting that SAIF Partners is considering boosting its stake in food services firm Speciality Restaurants from 12% to 20%, an executive from the firm has told AVCJ that an equity boost is only one option being considered to fund the company’s wider expansion plans.
SAIF Partners Principal Vishal Sood said that several options for a capital injection into Mumbai-based Speciality Foods are being considered, and reports suggesting that SAIF is looking to increase its stake are "untrue." According to The Economic Times, Speciality Restaurants would use any additional capital to expand its restaurant chains across India over the next year and a half - an INR350 crore ($77.2 million) endeavor. It did not note what the value of an additional 8% stake in the company would be.
Speciality Resturants launched 16 years ago and operates chains Mainland China, Oh! Calcutta, Sigree, Haka, Machaan, Mostly Kababs, Just Biryani and Sweet Bengal. It claims the operation of 62 food and beverage outlets across India, with approximately 3,000 staff. SAIF first bought its 12% stake in Speciality Restaurants three years ago, then valuing the company at INR450 crore ($99.3 million). The report added that Speciality Restaurants has annual turnover of INR200 crore ($44.1 million).
SAIF has local offices in China and India and claims more than $3.5 billion under management. The firm was honored for its role in the JustDial deal at the AVCJ India Private Equity & Venture Capital Awards in December. The investment team behind the Indian search business - SAIF Partners, Sequoia Capital and Tiger Global - received the award for Indian Venture Capital Deal of the Year.
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