PE majors New Silk Route and Bain Capital are holding talks for a $30-million minority investment in Barbeque Nation, a restaurant subsidiary of Sayaji Hotels, said sources familiar with the matter.The two funds were vying for a little over 26% stake in Barbeque Nation Hospitality, which has mandated boutique investment bank o3 Capital for fund raising. The potential deal could value the restaurant chain at over $100 million, or about Rs 500 crore, if the funds agree to the asking price. New Silk Route and Bain Capital have been enthused about the Indian F&B story, which probably explains the latter's interest in a smaller deal. The six year-old Barbeque Nation is tracking annualized revenue of Rs 120 crore with operating profit of Rs 28 crore, said one of the sources. Barbeque nation could not be reached for immediate comments, while o3 declined to comment, when contacted.
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