TriSpan, a global private equity firm, has invested in Mowgli Street Food, an Indian casual dining restaurant group with sites in Sheffield and Leeds, through Rising Stars, its dedicated restaurant program.
The founder and management have maintained a significant interest in the company with Nisha Katona MBE, the founder, continuing to lead the group as CEO in its next phase of growth, supported by TriSpan and the board. Matthew Peck and Lucy Worth will continue in their roles as CFO and COO respectively.
Robin Rowland OBE, TriSpan European Operating Partner will chair the board. Dame Karen Jones, current chairperson, will remain on the board as a non-executive director.
The first Mowgli restaurant opened in 2014 and it has since expanded to 15 sites nationally.
The group has confirmed plans to open sites in Brighton, Bristol, Edinburgh in 2023, and is actively reviewing other expansion opportunities around the UK.
Nisha Katona MBE, founder of Mowgli, said: “Founding and growing Mowgli has been an unremitting joy for me. I soar with excitement when I think of the future possibilities for Mowgli and the way the public and our teams have embraced our food and our brand.
“TriSpan understands the elements that have made Mowgli, her food and her culture worthy of this affection and loyalty. They get it and always have, and I look forward to sharing the board table with colleagues that are committed to continuing to grow Mowgli with this delicious integrity at her heart.”
Robin Rowland, chairman, added: “I have admired Mowgli for a number of years and am looking forward to working alongside Nisha and her proven management team and strong board to continue the evolution of this unique and loved brand, delivering authentic, fresh and exciting Indian cuisine.”
Commenting on the opportunity to support Mowgli, TriSpan partners Fady Michel Abouchalache and Joseph Patrick Dib said: “We are proud to have been given the opportunity to partner with Nisha and her exceptional team during its next phase of growth.
“We are very excited at the prospect of bringing more Mowgli restaurants and their distinctive approach to Indian cuisine to more and more cities across the UK. This investment is once again testament to TriSpan’s commitment to the sector, especially in the face of the difficult macroeconomic environment present in the UK and globally.”
This is TriSpan’s tenth restaurant investment globally, and its fourth in the UK, following previous UK investments in Pho, Rosa’s Thai Café, and Thunderbird Fried Chicken. Debt financing for the transaction has been provided by OakNorth Bank. Terms of the transaction were not disclosed.
