Quadrant-backed UPG acquires Australia's Rockpool

Financial details have not been disclosed, although The Australian reported that it was worth as much as A$100 million ($77 million). Rockpool vendor and celebrity chef Neil Perry is set to remain with the company as it drives an expanded pipeline of brands in unspecified international markets.

The enlarged company, rebranded as Rockpool Dining Group, will be led by UPG CEO Thomas Pash and is aiming to grow from 47 to 80 venues across the next 12 months, generating revenue of A$350 million. This asset base - which currently includes brands such as Burger Project, Spice Temple and Rosetta - is planned to expand to as many as 200 outlets during the next few years. A domestic IPO is expected next year.

"This acquisition consolidates great restaurant brands and industry brainpower to create a formidable and globally competitive dining and entertainment group," Chris Hadley, Quadrant's executive chairman, told local media. "Rockpool Dining Group has a brilliant and diverse portfolio that is ripe for expansion under two exceptional stewards of the industry: Thomas Pash and Neil Perry."

With a presence in Sydney, Melbourne and Perth, UPG claims to be Australia's only true national restaurant group without gaming. It realized similar bolt-on earlier this year with the acquisition of Australia-based Italian restaurant chain Fratelli Fresh, which will now be absorbed into Rockpool.

Quadrant is currently investing its eighth fund, which closed at A$980 million in August.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Australasia
• Consumer
• Buyouts
• Australia
• Quadrant Private Equity
• M&A