Beacon, Mirah Hospitality back Indian fine dining chain
Beacon India Private Equity has invested INR80 million ($1.7 million) in Impresario Entertainment and Hospitality, which operates fine dining restaurants Mocha and Smoke House Deli. The firm’s contribution comes alongside a INR400 million commitment from Mirah Hospitality, Livemint reported.
Impresario will use the funds to double its number of outlets in the next two years.
Beacon previously invested INR250 million in the company, while Mirah retain the option to increase its holding. Mirah Group Director Gaurav Goenka said the addition of Impresario means its portfolio is no longer unrepresented in the fine dining space. The company already owns restaurant brands including Khandani Rajdhani, Manchester United Café and Falafels.
Private equity investment in India's food service industry exceeded $100 million in the first half of 2011, according to the Franchise India and Federation of Indian Chamber of Commerce and Industry.
Notable private equity transactions in the space this year include ICICI Venture's $33 million investment in RJ Corp's Devyani International, which manages the KFC, Pizza Hut and Costa Coffee chains, and India Equity Partner's $35 million investment in Sagar Ratna, a South Indian food chain.
In 2010, KKR, Standard Chartered Private Equity and New Silk Route also invested INR9.6 billion ($75 million) in Coffee Day Resorts, which operates the Coffee Day retail chain.
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