Singapore-based Universal Success Enterprises has acquired the Indian business of US restaurant chain TGI Friday's Inc., a media report said.
Universal Success bought the US company's 25% stake in the Indian venture and the 75% stake held by local partner Bistro Hospitality for an undisclosed amount, The Economic Times reported.
The report said that Bistro Hospitality chief executive Rohan Jetley confirmed the sale of its 75% stake but didn't disclose the deal size.
Universal Success was founded by Prasoon Mukherjee in 2000 and started investing in India in 2004. It runs restaurants under the brand name Outback Steakhouse in Southeast Asia, including Malaysia, Singapore and the Philippines.
TGI Friday’s started operations in India in 1996 as a joint venture between Bistro Hospitality and TGI Friday’s Inc. The American chain has nine stores in India after it closed three outlets last year.
Globally, TGI Friday’s operates 900 stores across 60 countries. It is owned by private equity firms Sentinel Capital Partners and TriArtisan Capital Partners.
The transaction adds to the bunch of deals in India's restaurant segment In the recent past.
In December 2017, mid-market private equity firm Gaja Capital invested Rs 160 crore in Massive Restaurants Pvt. Ltd, the operator of fine- and casual-dining chains such as Masala Library and Farzi Café.
Around the same time, Singapore-based private equity firm L Catterton Asia picked up a stake in restaurant chain operator Impresario Entertainment and Hospitality Pvt. Ltd.
Haldiram Prabhuji, a faction of the Haldiram group which caters to eastern India, acquired two brands from Everstone Capital-backed restaurant chain operator Pan India Food Solutions Pvt. Ltd recently.