Fulham Shore takeover deal voted through
Toridoll, alongside its partner for the deal Capdesia, is acquiring the Franco Manca and The Real Greek operator via a newly-incorporated company called Great Sea Kitchens Limited, established on behalf of Toridoll Holdings.
Fulham Shore received a recommended cash offer from Toridoll in April this year, which valued the group at £93.4m.
Under the terms of the deal, shareholders will receive 14.15p per share – representing a 34.8% premium to the prior day’s (4 April) closing price of 10.5p.
Taking the group’s 2022 EBITDA, the buying price represents a multiple of x4.6.
While the cash offer may not price in Fulham Shore’s full potential, analysts at the time said it represented a good deal at a time when the restaurant sector is not yet back to full strength.
Toridoll said it recognised the opportunity for Fulham Shore to expand its UK estate, as well as internationally.
It also sees opportunity for expansion through retail channels, with Franco Manca’s having recently launched cook-at-home pizzas.
Commenting on the result of the Court and General Meeting, Fulham Shore’s executive chairman David Page, said: “We are pleased that our shareholders have resoundingly recognised the attractiveness of this transaction for all our stakeholders.
“The combination with Toridoll and Capdesia will mark a hugely exciting new chapter for the business and its two outstanding brands, Franco Manca and The Real Greek.
“Toridoll is a world-class operator, and we strongly believe that in partnership with Capdesia their extensive experience of successfully building outstanding, experience-led restaurant businesses will enable Fulham Shore to fulfil its exciting long-term potential.”
