Castlebarn Ltd, which owns 13 restaurants in South East London and Kent, was originally purchased in a management buyout. The sale to Caskade happened during unprecedented times for the fast-food industry, and initially faced delays due to a government-imposed lockdown.
Partner Rachel Bennett commented: “2020 was a challenging year for deals, but this is a great example of a business and a sector that has adapted well to the COVID-19 crisis. We are certainly seeing continued appetite from buyers and funders across a range of sectors where businesses have seized opportunities and remained resilient during the crisis.
“It was great to work with the sellers and Smith Cooper Corporate Finance on this transaction. It is always pleasing to see a successful exit for sellers who originally acquired the business through a management buy-out.”
As a result of this deal, Caskade Group now runs 47 KFC and 21 Taco Bell restaurants.
David Crump, corporate finance director at Smith Cooper, said: “It was a pleasure to work with the sellers in devising a clear exit strategy, and to achieve an outcome that reflected the true value of the business. We wish both David and Anton the very best.”