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Piramal-Bain fund owns majority in co which owns SOCIAL and other F&B outlets

Piramal-Bain fund owns majority in co which owns SOCIAL and other F&B outlets

Piramal-Bain fund owns majority in co which owns SOCIAL and other F&B outlets
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By Pihu Yadav  Nov 14, 2022 12:37:33 PM IST (Published)

Impresario currently owns and manages several brands such as SOCIAL, Mocha, Smoke House Deli, Slink & Bardot, and Salt Water Café which span over 60 locations across 17 cities in the country.

India Resurgence Fund (IndiaRF), an India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital, on Monday, announced an investment of Rs 550 crores in SOCIAL’s parent company, Impresario Entertainment and Hospitality Private Limited. Following the transaction, IndiaRF said that it has become the majority shareholder of Impresario.

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“The fresh capital will help fuel the further expansion of Impresario’s business, which also received an investment from L Catterton in 2017 and has since demonstrated resilient growth over the years despite facing challenges posed by the COVID-19 pandemic,” the company said in a statement.
It currently owns and manages several brands such as SOCIAL, Mocha, Smoke House Deli, Slink & Bardot, and Salt Water Café which span over 60 locations across 17 cities in the country. Impresario’s largest brand, SOCIAL, has 35 outlets across the country.
In the future, Impresario said that it plans to double its number of outlets with growth in the high teens expected over the coming years. “To serve the country’s burgeoning middle class, as well as millennial and Gen Z consumers who are looking for refreshing and engaging experiences as they dine out more often amid the market’s evolution, the company will enlarge its current geographical footprint from 17 to more than 30 cities as part of its expansion plan,” it added. 
Commenting on the investment, Shantanu Nalavadi, Managing Director of IndiaRF, said, “IndiaRF is delighted to partner with Impresario, which has built a profitable business on the back of strong brands, a professional team and a culture that allows the Company to stay nimble and creative. We plan to work alongside and augment the efforts of the management team, by leveraging on our deep operational engagement across multiple sectors. We believe that the next decade will see significant opportunities for Impresario as non-metro cities come up India’s aspirational curve and become major economic centres.” 
Riyaaz Amlani, Founder and Managing Director of Impresario, added, “While the journey through the pandemic was especially tough for the restaurant sector, we were able to not only sustain but also strengthen our business. As we now begin a new chapter with IndiaRF, we look forward to a fruitful collaboration which we believe will propel Impresario to an exciting next stage of growth. We look forward to building on the momentum we have generated over the years as we partnered with L Catterton, which shared its consumer insights and industry expertise with us to help us grow.”
Chinta Bhagat, a Managing Partner in the Asia fund of L Catterton, concluded, “Impresario is a pioneer in India’s casual dining category and we are happy to have contributed to its journey of redefining dining experiences across the country. Riyaaz and his team are committed to continuously innovating, keeping their concepts fresh and relevant, as well as delivering great customer experiences. We believe they are well positioned for further success as they continue to grow their footprint across India.”
Lodha Capital Markets was the exclusive financial adviser to L Catterton and Impresario on the transaction.
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