TriSpan acquires stake in Mowgli
The global private equity firm is backing the continued expansion of the Indian street food brand, which was founded in 2014 by Nisha Katona.
Under the terms of the investment, Katona and her 15-strong management team will maintain a “significant interest in the company”, with Katona continuing to lead the group as CEO in its next phase of growth.
“Founding and growing Mowgli has been an unremitting joy for me. I soar with excitement when I think of the future possibilities for Mowgli and the way the public and our teams have embraced our food and our brand,” says Katona.
“TriSpan understands the elements that have made Mowgli, her food and her culture worthy of this affection and loyalty. They get it and always have, and I look forward to sharing the board table with colleagues that are committed to continuing to grow Mowgli with this delicious integrity at her heart.”
Matthew Peck and Lucy Worth will continue in their roles as Mowgli’s chief financial officer and chief operating officer respectively, while Robin Rowland, TriSpan’s European operating partner, will chair the board.
Dame Karen Jones, the company’s current chairperson, will remain on the board as a non-executive director.
“I have admired Mowgli for a number of years and am looking forward to working alongside Nisha and her proven management team and strong board to continue the evolution of this unique and loved brand, delivering authentic, fresh and exciting Indian cuisine,” says Rowland.
A growing Indian brand
Mowgli was launched by Katona in Liverpool and has grown to 15 sites across the UK. The brand has a strong pipeline of openings in cities including Brighton, where it will launch next month, as well as Edinburgh and Bristol.
It is also believed to be looking at locations in York and Newcastle.
Founded in 2015, TriSpan is a private equity firm with offices in London and New York that invests in lower mid-cap companies in North America, Europe, and the United Kingdom
The Mowgli deal will be TriSpan’s tenth restaurant investment globally, and its fourth in the UK, following previous UK investments in Pho, Rosa’s Thai Café, and Thunderbird Fried Chicken.
Debt financing for the transaction has been provided by OakNorth Bank. Terms of the transaction were not disclosed.
