Private equity firm Eurazeo PME is selling French restaurant chain Léon de Bruxelles to catering business Groupe Bertrand for €24.1 million (£21.8 million), giving it a 1.5x return on its investment.
Eurazeo initially invested in Léon de Bruxelles in April 2008. Since then the business has grown from 44 restaurants to 82 restaurants, most of which are under direct operation.
It has increased its turnover from €77 million (£70 million) in 2007 to €117 million (£106 million) in 2018.
During that time Léon de Bruxelles taken steps to modernise its brand and adapt its offering to consumer demands by developing new concepts Léon de B. and Fish'Tro, by improving the quality and freshness of its products, and by introducing click and collect and home delivery options.
Pierre Meignen, Managing Director and Member of Eurazeo’s Executive Board, said: "We have supported the group in its transformation and played an active role over the course of our partnership. In a rapidly evolving market, we see Groupe Bertrand as the right home for Léon de Bruxelles and its employees as they embark on their next phase of development."
Laurent Gillard, Chairman of the Management Board of Léon de Bruxelles, added: "We would be very proud to be part of the leading group in the catering market in France with whom we will be able to continue and accentuate the development of our brands with a long-term vision. "