French-owned steakhouse chain Buffalo Grill, which has 280 outlets, the vast majority in France, is to be sold to two investment funds.
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Colony Capital and Colyzeo will acquire the 75% shareholding in the chain held by founder Christian Picart and his family which is valued at €150m (US$184m), the company’s total worth being estimated at €200m.
The two funds will also absorb the company’s liabilities of €140m as well as giving minority shareholders the option of selling their stake in Buffalo Grill before the end of the year. In 2003, the chain was suspected of violating an embargo on British beef which led to sharp decline in its clientele. However, in 2004 it returned to form posting a 55% increase in its operating income to €18.7m on a turnover up 13.5% at €267m.
