Everstone tables buyout offer for Singapore’s Harry’s Holdings
Everstone Capital has launched a takeover bid for Singapore-listed bar and restaurant operator Harry’s Holdings worth up to S$21.8 million ($17.8 million). The company founder, Mohan Mulani, and his wife Rita – who between them have a 45.9% stake in the business – have already accepted the offer.
According to a regulatory filing, F&B Asia Ventures, a subsidiary of Everstone Capital Partners II, is willing pay S$0.23 per share for all outstanding shares in Harry's Holdings. One of the LPs in the fund, Belgian-based family office Verlinvest, will co-invest in the deal, taking a 24.5% interest in F&B Asia.
Everstone is one of India's leading GPs with approximately $1.8 billion in assets under management, although its remit permits investments in Southeast Asia as well. The private equity firm already has substantial exposure to the food and beverage industry, with a portfolio that includes New Delhi-based restaurant chain Pind Balluchi, Blue Foods and wine maker Sula Vineyards.
Earlier this year, Verlinvest reportedly acquired a 20% stake in Cuisine Asia, a Mauritius-based holding company set up by Everstone to manage its food and beverage assets. Verlinvest is made up of the founding families of Anheuser-Busch InBev, the world's largest brewer, and invests exclusively in consumer-related businesses.
Harry's Holdings owns and operates a chain of premium lifestyle bars under the brand name Harry's, as well as a variety of restaurants and related consumer sector assets in Singapore.
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