ING fund of funds profits from Quadrant’s Australia fast-food sale
Australian fund of funds ING Private Equity Access announced that another of its private equity investments will be returning cash to the company. Quadrant Private Equity has sold Quick Service Restaurant Holdings (QSRH) to Archer Capital for approximately 3x cost.
The transaction was priced 65% above its recent carrying value and will return approximately $3.8 million to ING, following the drawdown required by Archer to finance its purchase.
It was reported last week that Archer has agreed to pay A$450 million ($474 million) for QSRH, the company behind local fast-food chains Red Rooster, Oporto and Chicken Treat. Archer will take a 90% stake in QSRH, with company management taking the remaining 10%.
Quadrant is said to have bought a 75% stake in Red Rooster and Chicken Treat in 2007 for about $180 million, before taking over Oporto for $60 million later the same year. According to ING, Quadrant has taken QSRH from 450 outlets to over 600 during its ownership.
John Schahinger, managing director of the ING fund, said the transaction came about because QSRH had grown to a scale that required an owner with additional capital to take it to the next level.
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