Bain Capital Credit’s special situations strategy became “Bain Capital Special Situations” in Fall 2022.
London, UK, October 1, 2021 – Bain Capital Credit is jointly investing in a 21.1% minority stake in Food Service Project, S.A. (Alsea Europe) alongside Alsea, S.A.B. de C.V. , the leading operator of quick service restaurants, coffee shops, casual and family dining establishments in Latin America and Europe and Alia Capital Partners. The transaction underlines Alsea’s ongoing recovery and attractive growth outlook in the European market. Following the investment, Alsea will own 76.8% of Alsea Europe, (previously 66.2%), Bain Capital Credit will hold an indirect interest in 10.5%, and existing minority shareholders 12.7%.
Alsea Europe operates 10 brands with 1,388 restaurants in 6 markets: Starbucks (France, Netherlands, Belgium, Luxembourg, Spain and Portugal), Domino's Pizza, Foster's Hollywood, Foster's Hollywood Street, VIPS, VIPS Smart, Fridays, Burger King, OleMole (Spain) and Ginos (Spain and Portugal).
The investment in the 21.1% minority stake amounts to 110.8 million euros, with Alsea and Bain Capital Credit paying 55.4 million euros each for their respective shares.
Alberto Torrado, Executive President commented: “We are delighted to have Bain Capital Credit as our new partner in Europe and expect to work closely with them as we execute our strategic plan going forward. We will benefit from their extensive experience investing in European restaurant service and related consumer industries. Post pandemic, we have identified many opportunities to grow our business and improve profitability and are delighted that Bain Capital Credit shares our positive vision for the sector, our management and business model.”
Sandro Patti, a Director at Bain Capital Credit stated: “Alsea Europe is ideally positioned to benefit from the expected recovery and consolidation in the European restaurant service industry. It has the clients, brands, technological and digital know-how, scale, and deep management experience with a great track record. We are excited by the opportunities ahead.”
Fernando Martinez, Alias’s Managing Partner commented: “We are delighted and honored to partner with Bain Capital Credit in their investment. We have been in the industry for a long time, and we think there will be opportunities to grow the business”.
Nomura acted as financial advisor to Alsea. Garrigues and Loyens acted as legal counsels to Alsea. Bain Capital Credit were advised by Arcano Partners as financial advisor, Latham & Watkins as lead legal counsel, together with Arendt & Medernach and Creel, García-Cuéllar, Aiza y Enríquez, S.C., and PwC as structuring advisor.
Alsea is the leading restaurant operator in Latin America and Europe of global brands in the quick service, coffee shop, fast casual, casual and family dining segments. It has a diversified portfolio, with brands such as Domino’s Pizza, Starbucks, Burger King, Chili’s, P.F. Chang’s, Italianni’s, The Cheesecake Factory, Vips, Vips Smart, El Portón, Archies, Foster’s Hollywood, Gino’s, TGI Fridays, Ole Mole and Corazón de Barro. The company operates more than 4,000 units in Mexico, Spain, Argentina, Chile, Colombia, France, Portugal, Netherlands, Belgium, Luxembourg and Uruguay. Alsea's business model includes support for its brands through a Shared Services Center that provides all the Administrative and Development Processes, as well as the Supply Chain.
For more information, visit: www.alsea.com.mx
About Bain Capital Credit
Bain Capital Credit is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests across the full spectrum of strategies, including leveraged loans, high-yield bonds, distressed debt and special situations, private lending, structured products, non-performing loans, and majority and minority equity stakes. Founded in 1998 as a private, employee-owned firm, Bain Capital Credit’s experienced team of over 150 investment professionals seeks to identify attractive equity and credit investment opportunities across North America, Europe, and Asia–Pacific. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, real estate and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. To learn more, visit www.baincapital.com.
About Alia Capital
Alia Capital Partners is a private equity firm, active also in structured finance and financial advisory of low-mid market firms. It was founded in 2007 and has a multi-industry focus. It is based in Madrid, Spain, with offices in Mexico and San Diego. It seeks to invest in firms operating in the health, education, consumer and industrial services sectors. It has been in the restaurant business since 2001.