AlixPartners, the global consulting firm, has advised leading Vietnamese street food restaurant group, Pho, on the successful sale of a significant majority stake in its business to Rising Stars, a dedicated restaurant fund run by TriSpan, the global private equity firm.
The transaction will help to drive further growth across the restaurant group, as it plans to open a branch in Lincoln (UK) in the late Summer of 2021 and is actively reviewing other expansion opportunities, as the UK emerges from the pandemic.
The founders and management will maintain a significant interest in the company with Patrick Marrinan, the former Finance Director, leading the group as Managing Director in its next phase of growth, supported by TriSpan and the board. Stephen and Juliette Wall, founders of Pho, will remain in executive roles to help support the growth plan. Robin Rowland, TriSpan European Operating Partner will chair the board with Steve Hill, current Chairman, remaining on the board as a Non-Executive Director.
The first Pho restaurant opened in 2005 in Clerkenwell, and has since expanded, with initial support from Tom and Ed Martin and then further support from Gresham House, to become the UK’s leading casual Vietnamese group. Pho now operates 30 restaurants and three cloud (delivery-only) kitchens across the UK.
The AlixPartners team, which secured investment in Pho from TriSpan, was led by Managing Director Paul Hemming and by Director Craig Rachel. AlixPartners has a long-standing relationship with Pho, having previously advised Pho on the raising of investment from Gresham House in 2012.
Sourced from AlixPartners