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Management Team and Causeway Capital Partners acquire Patisserie Valerie from Administration

Thursday, 14 Feb 2019

 Thursday, 14 February 2019 – Causeway Capital Partners, the Irish private equity fund with investments in the UK and Ireland, is pleased to announce that it has concluded an agreement with the administrators of the Patisserie Group, KPMG, to acquire the assets and business of Patisserie Valerie from administration. The transaction has been funded with investment from Causeway Capital and the new management of the business, led by Steve Francis as Chief Executive Officer.

Founded in London’s Soho district in 1926, Patisserie Valerie is a leading, quality UK high street branded café and casual dining business offering cakes, pastries, snacks, meals and hot and cold drinks. The company will maintain 96 branches across Great Britain and Northern Ireland. The current employees working in the business, totalling approximately 2,000, will transfer to a new corporate entity operating the Patisserie Valerie business with their existing employment rights and benefits honoured.

Causeway Capital Partners is an Irish private equity fund that invests in established Irish and UK businesses. With offices in Dublin and London, Causeway Capital Partners manages funds on behalf of European pension funds, investment funds and financial institutions. Its investment in Patisserie Valerie will be the sixth completed investment from its maiden fund.

Commenting, Causeway Capital’s Matt Scaife, said: “Patisserie Valerie is heritage brand, much loved by its loyal customers. This investment should mark the end of a turbulent period for customers and suppliers alike. We are delighted to partner with the team and look forward to helping the business return to growth.”

Commenting, Steve Francis, Chief Executive of Patisserie Valerie, said: “We are delighted to welcome Causeway Capital as our partners in Patisserie Valerie, ending a disruptive period of uncertainty for the business. The affection and loyalty for the brand among our customers and employees, and Causeway Capital’s enthusiasm and support for the business, creates for us the foundations for an exciting future for the business.”

Causeway Capital Partners were advised on this transaction by Burges Salmon Solicitors.

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