F&B Asia Ventures of private equity firm Everstone Capital Partners is set to acquire Singapore-based pubs and restaurants operator Harry's Holdings in a deal estimated at about Rs 100 crore, a person close to the development said.
The move will help the PE firm expand its operations in the South East Asian market and possibly bring the Harry's chain of premium lifestyle bars to the country.
Sameer Sain, managing partner at Everstone, confirmed its interest in the listed Singapore firm. "At this stage, all I can share is that we have made an offer to acquire all or a substantial part of the company with a view to take it private and delist it," he said.
Besides Harry's bars, the group owns and operates various themed restaurants and bars under the names Mirchi - Taste of India, Marrakesh Moroccan Lounge & Bar and The Rupee Room. It also runs O'Briens sandwich bars and luxury boutique hotel Club. Harry's also has a catering business.
"With over 30 locations, Harry's is Singapore's leading Gastropub brand," Sain said, but declined to comment on the deal size.
The person quoted earlier said Everstone has offered a price of S$0.23 per share for the acquisition, which is at a premium over Harry's IPO price and highest historical traded price of S$0.22 per share since its listing on the Singapore stock exchange in January 2011.