The group, the portfolio of which includes the likes of Chiquito, Joe’s Kitchen, Garfunkel’s and Frankie & Benny’s, will purchase the pan-Asian restaurant chain for a cash payment of £357m.
The offer values the brand at £559m.
TRG CEO Andy McCue plans to implement an extensive growth strategy which will include converting some existing TRG sites into Wagamama restaurants, and focusing on UK and international concessions.
In acquiring Wagamama, TRG has added a well-performing company to add to its portfolio. The chain has seen 228 consecutive weeks of trading ahead of the market, with annual like-for-like growth at 9.6% on average according to the Coffer-Peach business tracker.
Wagamama currently operates 133 restaurants in the United Kingdom and five directly-operated in the United States. It also operates 58 franchised restaurants across Europe, the Middle East and New Zealand.
"This transaction is an exciting and transformative opportunity to create a business which can pursue a truly multi-pronged growth strategy and create substantial value for our shareholders,” says Andy McCue, CEO of TRG.
“The transaction not only gives us a great brand but also creates a business with a multi-pronged growth strategy which will enhance earnings with continued selective UK rollout, accelerated via conversions of some TRG sites; by further leveraging the brand in Concessions both in the UK and internationally; by maximising the opportunities presented by the rapidly growing delivery sector; and by optimising the potential within international markets."
Allan Leighton, the current chairman of Wagamama, will join the TRG board at as a non-executive director.